COVID-19 is likely going to put severe pressure on college finances in the coming months due to costly added safety measures, cuts to state funding, and foregone revenue from campus housing, services, and events. Deprived of the full campus living experience, some students may forego further education or demand price reductions, contributing to the declining enrollment trend at U.S. colleges and compounding financing woes for the next academic year. Read our new report, “As college students and parents demand robust COVID-19 response, university finances suffer.”
The federal CARES Act provides some $12.5 billion in relief to colleges and universities, but advocates say it won’t be enough, citing added financial aid burdens from families facing joblessness and difficulty recruiting international students subject to travel bans. Others have lamented the bailout of large, elite universities with exorbitant endowments while a small, private college in Wisconsin has already permanently closed due to COVID-19. The report includes a chart that shows the allocations from the federal government under the CARES Act for the largest colleges and universities in Massachusetts. Read the report.