tim wrote: ↑Fri Jun 28, 2024 10:40 am
Jury is still out. Personally, I don't want to see anything cut into our current FB or BB success.
From today's
Inside Higher Education: Many small private colleges are surviving quarter to quarter, narrowly avoiding sweeping budget cuts. The bungled FAFSA rollout pushed some over the edge, according to a June 28, 2024, article by Liam Knox in Inside Higher Education.
Lindenwood University […FCS MEMBER, ESTABLISHED 1832, had 6,992 STUDENTS in 2021…] announced spending cuts in December 2023 to balance its budget. After the FAFSA fiasco skewed enrollment projections, it had to cut even more.
Lindenwood University cut 10 of its 50 sports programs and eliminated nine nonathletic staff positions as part of a budgetary “rebalancing,” as the university called it. In order to get through the fiscal year without additional cuts, the small private college in St. Charles, Mo., needed tuition revenue to hold steady. Instead it experienced the biggest enrollment disruption since the COVID-19 pandemic.
Lindenwood’s 2024 projected fall enrollment is also down 12 percent year over year, a decline the Lindenwood President attributed largely to the FAFSA woes. This month (June 2024) the university announced it would cut an additional 10 percent of operating budget by fall, starting with layoffs for another 12 staff and two faculty members. “We would not have cut to the degree that we did were it not for what we’re seeing with FAFSA,” Lindenwood President said.
Small independent colleges have been closing at an accelerated pace, and many of those teetering on the edge are restructuring, slashing budgets left and right; this semester has been particularly rough for program cuts. Small institutions are also more reliant on tuition revenue than ever, and the enrollment consequences of the bungled FAFSA launch have pushed some to make more drastic cuts than they otherwise might have.
… the FAFSA crisis was a “force multiplier” that expedited program cuts at small colleges already buckling under a confluence of financial challenges.
“Small colleges and universities are having to stretch their resources thinner than ever … numerous schools anecdotally report that this year has been remarkably challenging,” “[The FAFSA] removed a lot of the margin that schools had to deal with other issues.”