, and some say huge shares of their reserves have been wiped out amid wild swings in the stock market.
“This crisis is causing massive disruption to students, institutional operations and institutional finances. On some campuses, it is creating an existential threat, potentially resulting in closures,” Ted Mitchell, the group’s president, wrote in a letter to Education Secretary Betsy DeVos. Bucknell University in Pennsylvania says it has lost $150 million from its endowment after recent investment losses. At the College of the Holy Cross in Massachusetts, the endowment has dropped by 15% and officials fear a similar drop in fundraising.
Still, the financial shock is likely to be strongest at smaller private colleges and regional public universities, which hold smaller reserves and run on leaner budgets. Some are adding significant costs to move classes online even as they lose revenue.
SenateDems HouseDemocrats can we see a bailout for our universities?
Question: do they lay off administrators?
That’s great news!
University presidents feel they must litter campuses with luxury amenities like lazy rivers, high-end dorms, and athletic facilities than rival what the pros use. The primary goal of receiving a stellar education gets lost in the glitz and all parents foot the bill!
Oh wow, I guess colleges can’t keep employees even though tuition is rising
No there students are taking the hit! Overpriced education and no refunds to these young people for housing/rent meal plans and hands on learning they paid for! They have been gouging people for decades. Guess they should have saved some of that money for days like these!
Lot of hand wringing in the comments. Most sound as if they did not attend college. 😂😂
Invested millions in facilities to attract students now they are paying the price.
Kahn Academy is free kids.
Sadly. These people working three times hard to meet the needs of their students will be laid off. Shame.
Good there half the problem and dont give them my tax money either to bail them out!
I have a hard time feeling sorry for them with their big fancy buildings and cushy salaries and benefits all the while fleecing the students to pay for all of it. Maybe all college should be done online except for the testing. Eliminates most of the buildings and maintenance.
Smeehin
Time to raise tuition again....
The way it looks and sounds to me there won’t be any more universities There will be online but no more facilities
aww, did somebody get addicted to jacking up tuition 8x faster than wage growth?
NarangVipin Private, for-profit schools going under? Not the worst thing to happen, they fleece people and print degrees. Public, state universities? I don't buy it. Btw it shows that some of the people in the replies never went 😂
Awwwwww....
Education should be a right, higher education should not be an industry
OutIn2020 Good. Overpaid and under worked professors needed a reality check
Good! Colleges in 🇺🇸 are DiplomaMills these institutions act as a child minders whose overpaid professors are nothing more than over priced baby sitters for useless bottom feeding Americans CloseThoseBitches
About 40% of degrees are total scams. Many in college have no business being there and devalue degrees for others. Here's a real opportunity:
Many of the schools have depended on Chinese students in exchange for giving up moral principles condemning dictatorship and human rights abuse in China. It’s time to wean off the Chinese drug and get rid of the Chinese virus.
Good...they gouge the students every damn year!!!
NarangVipin Should have saved some of that money the institutions nickel and dimed millennials for
Good. May they crumble. Serves them right for putting so many into crippling debt.
The future is online college
Good.
Maybe they’ll be more reasonably priced after this. 40k a year for 5 classes is insane
And somehow I don’t feel bad for any of them
Oh well! They've been over charging folks for years!!!
Ahh yes, may those tuition prices comfort them.
college students have been taking heavy financial hits for decades now due to the exaggerated tuition costs
The entire education system is due for a rethink. Costs have risen out of sync with inflation and new technologies have been ignored. Government loan money has made the system and its participants less appreciative of the results and more focused on milking existing methods.
Poor colleges!
Getting away from the hypocrisy of preaching socialism yet practicing unrelenting capitalism would be a good start.
We need to do this:
Because our country's 'stay home' policies are all over the place like a swiss cheese, let's cross our fingers and hope it's enough. But be aware it's because of Trump's lack of leadership our country is not in a 'LOCKDOWN' as it should be.
And what about community colleges? Comm_College
Colleges could tap their lucrative sports budgets and endowments to balance. Getting back to teaching students in careers that pay a living wage.
How could they be taking a financial hit. My daughter is still paying for a full year of in school education.
Is it terrible to say that I hope this crisis changes the college system for the better? Perhaps this the catalyst for a better a better system.
If there is any business whose financial model is not workable going forward, it is education. Colleges needed to start streamlining decades ago.
College costs for the last 20 years have risen faster than almost any other sector. My ability to feel sorry for the schools is hard but the employees are the ones which will feel the pain.
Fuck them.
The irony..could care less
Good. Time to restructure Education. Cut down Athletics financing. Fund more Science and Research and pay Faculty and grad students.
Dig deep into those endowments
But where did the money go? College tuition has been scamming students for 20 years
Shouldn’t they have some money saved up after charging $350 for a text book all these years?
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The best thing to come out of this will be college indoctrination on pause. America will be better for it in the long run.
So your saying that colleges that have made millions in profits all of sudden cant find the money to pay for their workers. I guess big universities need to stop paying millions to their football coaches and actually concentrate on their students.
Yes and they need to stop the China money grab by taking in 200,000 plus Chinese students at full price. Maybe the colleges should re-think paying these huge salaries to athletic coaches. In the age of technology, there will be a consolidation of brick and mortar schools.
Finally, some good news
thought most of the universities were transferring to a remote/distance learning environment.
Hope a lot of them shutdown forever
You mean that institutions which have gouged the American public with increasing tuition costs while essentially acting as a pass-thru mechanism for the Dept. of Ed to put another generation into debt slavery when they decided that mortgage debt was not in their best interest?
Maybe they should remember this when they charge students 30,000 a year for school
I am so glad i don't live in the USA under the Trump regime.
AP.
the fear is college football, that is bigger in money and culture if the schools don't open, no college football you bet
Trying hard to care... trying.... nope. Just can't.
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