Universities facing enrollment and funding declines
Image Source: Forbes
Written By: Abdullah Al-Ejel
If you sense a decrease in your university’s services, attendance, and enthusiasm, you’re not alone.
Universities across the country have reported huge dents in funding, with institutions such as MacMurray College, San Francisco Art Institute, and Notre Dame de Namur reporting complete shutdowns, heavy restructuring, or freezing enrollment for the upcoming fall semester. “In a year or two years, I expect to see something north of 100 colleges on the brink of financial ruin,” said Hafeez Lakhani, founder and president of Lakhani Coaching. (CNBC).
Since the start of the pandemic, undergraduate enrollment has declined by 9.4%, or 1.4 million students (CNBC). Many have reevaluated the necessity for a college degree, especially due to the costs of prestigious universities, taking advantage of the high-demand labor market struggle of the past few years. With more job opportunities open, the ability to start building an income and climbing up the ladder is more readily available, convincing consumers to kick off their careers instead of the education route.
While many universities face shutdowns and financial struggles, tuition is increasing.
It’s surprising that expensive institutions continue to increase tuition and still report high applicant numbers, however, private universities are offering generous financial aid packages, with students paying as much as $30,000 less out of pocket. This helps appeal to those who are willing to shell out a little more for the reputation these institutions hold. Lower school costs are exactly what the people of the US need, as increasing access to education is vital for our future growth.
In these rough financial times for everyone, it’s important to evaluate how viable and stable your prospective education is, and if your intended career goals may not need a degree at all. Confirm that the programs you intend to pursue will continue to exist or contain the same level of quality down the line, as uncertainty in the economy continues to grow.