Colleges and universities across the nation are stuck in financial limbo at a moment that key staffing, faculty contracts, student recruiting, and donor revenue-related decisions are typically made for next year, also as controversy erupts over refusal to refund student housing and campus activity fees. The $600 billion-plus higher education industry is expected to suffer effects of this Spring's campus shutdowns at least through next Fall, given everything down to campus tours for potential recruits have been canceled, leaving open the crucial question of incoming levels of freshmen and tuition revenue for next year.
A case in point is as follows: "The financial meltdown prompted by the novel coronavirus puts record-high endowment values in jeopardy, along with the ability for donors to give. Princeton University canceled its reunion, which draws 25,000 to the Ivy League school," according to Bloomberg.
It's likely that a number of academic institutions will delay sending out contracts, usually done in April, for the following year — and some like Baylor University in Texas are already informing teachers and staff their contracts will reflect a freeze on raises through next year, meaning even the 2-3% annual raise to account for inflation will be cut.
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About time they had to tighten their belt.
ReplyDeleteDo you mean these young menials aren't willing to risk it to sit in a lecture about international differences in basket weaving structure and the effects on gender?
ReplyDeleteI seriously doubt that anyone is reaching for a Kleenex right now.
ReplyDeleteIn fact, many of the universities, have been kissing Chinese asses for years,to increase revenues at their schools. Salisbury University is one of them. That's one reason they bought the old Temple Hill motel property - to put Chinese housing there. In turn, many of these students have been shown to steal intellectual property from the US and use it against us in their homeland.
And what does China do in return?
College debt still sits at over $1 Trillion.....my eyes don't water for these institutions. Not at all.
ReplyDeleteBe prepared to make up state college deficits with your taxes.
ReplyDeleteGreat now they have to suffer along with the parents who pays their high tuition. Maybe they will get rid of tenure for those worthless professors.
ReplyDelete