Posted on 04/07/2020 5:28:05 AM PDT by Oldeconomybuyer
Colleges across the nation are scrambling to close deep budget holes and some have been pushed to the brink of collapse after the coronavirus outbreak triggered financial losses that could total more than $100 million at some institutions.
Scores of colleges say they're taking heavy hits as they refund money to students for housing, dining and parking after campuses closed last month. Many schools are losing millions more in ticket sales after athletic seasons were cut short, and some say huge shares of their reserves have been wiped out amid wild swings in the stock market.
Yet college leaders say that's only the start of their troubles: Even if campuses reopen this fall, many worry large numbers of students won't return. There's widespread fear that an economic downturn will leave many Americans unable to afford tuition, and universities are forecasting steep drop-offs among international students who may think twice about studying abroad so soon after a pandemic.
Dozens of colleges have instituted hiring freezes, and many are halting construction projects so they have enough money to pay employees. But university presidents say the savings will only stretch so far, and many are asking the federal government for a second stimulus package to avoid deeper cuts.
The $2 trillion rescue bill signed by President Trump last month provides $14 billion for higher education. The American Council on Education, an association of college presidents, had requested $50 billion and called the package "woefully inadequate."
(Excerpt) Read more at cbsnews.com ...
Bleep em!
My small town in KY has a small university in it. If that thing went away, this town would become a shell of itself. And I was waiting for the day when it would, due to the student loan bubble collapse.
Just another way this virus is a black swan of enormous proportions. Once we stop focusing on the virus, it will become apparent to everyone because everyone will be affected.
Now they will have to choose between teaching academic subjects and political indoctrination. The former will suffer.
Communists ruin everything. Imagine if we didn’t have to put up with the constant destructive left wing BS.
I’m enjoying watching these jerks squirm.
I think it inevitable that a prosperous society will breed collectivists.
Boo freaking hoo!
Between increasing prices to keep pace with endless government subsidized student loans and cultivating a climate of extreme intolerant leftism they can take a short walk off a short pier.
I hope 1/2 of them close. The only ones left will HAVE to teach STEM and business and not that leftist arts claptrap.
Oops. Does this mean that all that money China spent on communist indoctrination of American college campuses and administrations was wasted?
Oh noes!
Perhaps this will give would-be college students the opportunity to re-consider taking on massive student loan debt for degrees in fine arts, humanities or gender studies, and seek more certification in the trades.
Good! With any luck, some will fail, and some educational facilities will take their place.
Many schools have huge endowments. Use them, you leftist losers.
My heart bleeds
We Christians tend to help each other in times of need. Maybe the atheists and communists can help each other also. I think there are some very large university endowments, like Harvard, that each University who is hurting should be able to tap into. After all, for the left these are their churches and they ought to be able to share since they are communist and remember what the Marxist mantra says those in need should be able to take from it. We wouldn’t want them to be Hypocrites would we?
“My small town in KY has a small university”
Is your small university more affordable then maybe Clemson and University of Maryland?
Kinda wonder if a small university is a better route for students. I would think a small university would have lower overhead and focus on educations instead of branding.
So there is an upside to this thing.
L
OMG! Colleges may be forced to go back to teaching.
Finally, some good news
When the 2009 crisis arrived the school at which I taught could not pay interest on the loans it had taken out.
It failed and was sold in a fire sale.
Now owned by...the Chinese.
Maybe they should stop paying teachers $400,000 to teach ONE COURSE
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