Yep, they won’t be hurting as much as some colleges.
This points to a developing tsunami which is going to hit colleges and universities, namely, the drop in income.
Some students and parents, will balk at attending an online only university, and pay tens of thousands of dollars for it, even if it is an Ivy League university.
And what of the college campuses, with big numbers of buildings and grounds and ongoing maintenance needed, but with less income coming in, to pay for all of that?
I’ve heard that record numbers of incoming freshmen are doing a “gap year” this year, and will not start college as scheduled, because of the uncertainties of what’s going to happen.
Suppose colleges lose 20-25% of their students this year. That’s a 20-25% deduction in revenue.
We may not think about it much, but all these colleges and universities, even state supported ones, are business entities, which have to balance their budgets. A big decline in income spells trouble.
Correct. In fact, we may see an explosion in the rise of a lot more people trained in trades skills. Why? Because COVID-19 may end up slowing international goods trade, putting more emphasis on domestically-produced goods, which means a lot more demand for people trained in woodworking, metalworking, electrical work and other trade skills.
This is just enrollment. One area which is barely mentioned is the special event business at a lot of schools. They rent out spaces to the public or local alumni. I have been to many a wedding at the chapel on a local campus. Performing arts centers bring in outside performers to hold plays, concerts, speaking engagements.
That is a nice side hustle many schools have lost for the time being.
I hope the big drop in income means the 6 figure college professors get the boot.....
Peak Brick and Mortar Higher Edumacation.