The Great Contraction Cuts alone will not be enough to turn colleges’ fortunes around. — from chronicle.com by Lee Gardner
Excerpts:
With higher education facing average revenue losses of 14 percent or more due to Covid-19, the pandemic presents an existential challenge for the hundreds, maybe thousands, of colleges that entered last March with already precarious finances. Every week or so seems to bring new headlines about institutions making jaw-dropping cuts.
…
But slashing budgets alone, experts agree, isn’t enough to survive. Struggling colleges must cut strategically and adapt to a new way of operating, in order to find a way to eventually grow and thrive.
From DSC:
As I mentioned to a friend who wondered about those two words –“grow” and “thrive” in the last sentence above…
For too long many colleges and some universities have not been experimenting with other business models. They didn’t pay attention to the surrounding landscapes and economic realities of the masses. I think some of the institutions out there will grow and thrive — but it will be far fewer institutions who see such growth. SNHU, Arizona State, Western Governors University, and the like have done well. But then again, they thought big as well and did so years ago. They have a major leg up on other institutions.
She has served as a college president for nearly 20 years, and in that time, she has watched students’ view of higher education shift to be predominantly about “the outcome of being prepared for a job,” she says.
Funny how that corresponds directly to the increase in tuition, fees, books, room and board, etc. that took place during that same time.