Showing posts with label declining college enrollment. Show all posts
Showing posts with label declining college enrollment. Show all posts

Thursday, June 22, 2023

Simmons University plans to cut several liberal arts programs due to financial crisis

Simmons University, founded in 1902, is Boston’s only women's university. Although the school admits men to its graduate programs, its undergraduate school is restricted to women. 

Actually, that's not entirely true. Simmons admits transgender students who identify as women. Thus, an applicant who has testicles but regrets them is eligible for admission to Simmons.

Simmons boasts that 40 percent of its students identify as LGBTQ, and 34 percent identify as ALANA. ALANA is an acronym for African, Latino, Asian, or Native American. 

Despite Simmons’s niche as a women’s college and a college attractive to the LGBTQ community and women of color, the school is losing enrollment. In fact, the Simmons student body has shrunk by 11.5 percent since the fall of 2019.

Fewer students mean less revenue, and Simmons is struggling financially. The school ended its 2022 fiscal year with a loss of $14.5 million.

To reduce costs, Simmons is planning to cut some liberal arts programs, including its programs in philosophy, modern languages, and sociology. As might be expected, this move is opposed by some faculty members. One professor said, “Cutting out the humanities and social sciences is like cutting out the heart and then seeing if the body will still walk.”

Of course, professors rarely support cutting academic programs or laying off faculty members, even when enrollments are down. After all, fewer students in their classrooms mean fewer student papers to grade.

Lynn Perry Wooten, the University president, has tried to assure faculty members that their views will receive ample consideration. “[Y]es, some majors may go away,” Wooten acknowledged, “but it's [about] letting everyone have a voice in the change and then making a process that works” (as quoted in the Boston Globe).

Simmons is one of many small private colleges across the United States that are being forced to cut programs in the liberal arts and the humanities. In fact, it would be irresponsible for those schools not to eliminate academic programs that are no longer financially viable.

An undergraduate degree from Simmons University costs about a quarter of a million dollars, forcing most students to take out loans to finance their studies. A student would have to be nuts to spend that kind of money to get a sociology or philosophy degree from Simmons University or any other small private college.

 


  

 

Saturday, May 28, 2022

College Enrollments are Down, Tuition Prices are Up & Student-Loan Forgiveness Is on the Way: The Wounded Grizzly Syndrome

 Earlier this week, Inside Higher Education reported that college enrollments have declined for five straight semesters. In the spring 2020 semester--when the COVID epidemic began--the nation's colleges enrolled 17.1 million students. Today, 15.9 million Americans are in postsecondary classes--a decline of 1.2 million students.

Some states saw more significant declines than others, and some saw enrollments grow. California suffered an 8.1 percent decline, the most significant drop among the states.

New Hampshire's student population actually grew after the pandemic hit, mainly due to increased online enrollment. I imagine a lot of that growth can be attributed to the University of Southern New Hampshire, which aggressively markets its online programs.

Businesses operating in a market economy often slash prices when demand falls for their products. But American colleges keep raising their tuition. Boston University--a very pricey institution, will increase undergraduate tuition by 4.25 percent next year. 

BU's tuition rate will be $61,000 for the 2022-2023 academic year. And total cost, including room and board, is almost $80,000. Ouch!

Not to worry, BU tells us on its website. Each year the university awards almost a third of a billion dollars in financial assistance to undergraduates. In other words, BU assures us, most students won't have to pay the sticker price.

Indeed, colleges all over the United States are slashing tuition to lure students through the door. The National Association of College and University Business Officers said that schools are discounting tuition for first-year students by 54 percent on average.

Four out of five undergraduates will get a tuition discount in the coming academic year, NACUBO reported. So if you pay the total price to attend BU, you got suckered.

For more than a quarter of a century, colleges have raised their tuition prices annually above the cost of inflation. But the party is about to end.  

Young people are beginning to wonder if it makes sense to borrow $100,000 or more to get a liberal arts degree from an elite school if their diploma doesn't lead to a good job. 

With inflation running at a 40-year high, most colleges can no longer raise their tuition prices to cover their increased costs. BU's tuition hike of 4.25 percent is below this year's 8 percent inflation rate.

The Biden administration is signaling that it will forgive at least some student debt.  During the election campaign, Mr. Biden promised to grant $10,000 in student debt relief to students from lower-income or middle-income families. According to a recent Washington Post story, Biden will likely keep that promise.

I hate to break the news to you, President Biden. Ten thousand dollars in debt relief ain't nearly enough.  Millions of students have seen their total debt double over the years due to accrued interest. 

Offering to forgive $10,000 in debt to someone who owes $60,000 is like shooting a grizzly bear in the gut. The shot doesn't kill the bear; it just pisses him off.

Ten thousand dollars in student-debt relief won't make anyone happy.