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Survey Finds 74% of Colleges Are Facing Financial Challenges

Survey Finds 74% of Colleges Are Facing Financial Challenges

“Smaller schools were more likely to report these concerns.”

All of these schools are struggling, yet many of them still somehow find the money to fund diversity administrators.

CNBC reports:

74% of colleges are facing financial challenges, according to a new survey of higher ed professionals

The coronavirus pandemic has created a range of challenges for colleges across the country. Schools have been forced to close and re-open their physical campuses, invest in remote instruction and build significant testing and vaccination operations. And adjusting to these challenges can be expensive.

Now, in a recently released survey of over 700 higher education professionals by the Association of American Colleges and Universities, 74% of respondents said the most significant challenge facing their school is financial constraints.

Smaller schools were more likely to report these concerns. A significant 79% of schools with fewer than 5,000 students said financial constraints are a significant challenge, compared to 52% of those from schools with more than 30,000 students.

Plus, 60% of respondents indicated they are very concerned about the overall financial stability of their institution and 79% said they worry about meeting the increased financial aid needs of students because of the pandemic, across all sizes of schools.

According to Citizens’ Annual Student Lending survey, 56% of college students and their parents expect their costs (including tuition, room and board, meal plans, travel and activities) to increase this year by $8,700, on average.

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Comments

“The coronavirus pandemic has created a range of challenges for colleges across the country.”

More challenges have been added by the growing perception that what passes for “higher education” these days really isn’t worth the ridiculous cost.

Back when I graduated college with a Business Information Systems degree in the early days of the personal computer I got a job upon graduation that paid $4k more than what my college advisor made. She was a non-tenured associate lecturer that had a MBA. The big money makers were the university president, athletics coaches, then administration, and then the tenured doctoral professors. Almost half of the teaching staff were associate professors with a masters who made less than a starting public school teacher and PA’s who were working on their masters who made just enough to cover tuition, room, and board.

I was a non-traditional student that had an enlistment behind them and I was using my GI Bill while still serving in the Guard. By the time graduated my wife had 9 years as a public school teacher and a master’s degree. We were making more than my college advisor and her tenured Doctorate husband did at the university.

The public university coaches are the biggest winners. Most have multi-million dollar salaries, plus lots of other income. I can’t imagine you really have to pay that much for a football or basketball coach. I think each state should use their governor’s salary as a max for other people in the state.

    The Friendly Grizzly in reply to OldProf2. | August 29, 2021 at 8:16 pm

    Even more, there should be far less emphasis on athletics and far more on academics.

    healthguyfsu in reply to OldProf2. | August 30, 2021 at 3:42 pm

    I think you are overlooking administrative bloat, even though your point is not off.

    At one point, a salary cap was floated for college athletics and the coaches association in bball sued to stop it. They suceeeded and now precedent is set. The other wrinkle is that boosters fund a good portion of those salaries and a cap on universities that use state funds for coaching salaries will only widen the discrepancy on the field (which leads to a bad product that loses money).

empiricallyobvious | August 29, 2021 at 9:51 pm

May those Marxist indoctrination camps die an ignominious economic death…
If the free market is allowed to prevail at all levels of education the creative destruction of capitalism will purge the system of these intellectual gulags and true centers of higher will emerge.
Vouchers now for all primary and secondary education would be a great start!

Antifundamentalist | August 31, 2021 at 8:26 am

Seems to me like maybe they should drop all of the indoctrination BS and get back to actually educating people and offering In-person classes on subjects that are relevant to the productive, wage-earning futures of the students who are paying to be there.

It’s hard to feel sorry for these schools. They’ll never figure out the first thing to do is dispense with the “x-studies” courses that serve little or no purpose in a modern society.

Some people are so smart they’re stupid.
.

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