The world of higher education is undergoing a seismic shift, and recent news has only underscored the growing tremors. Just a couple weeks ago, Baldwin Wallace University in Ohio announced plans to cut 10 academic programs and lay off 28 employees. This comes hot on the heels of their February cuts, all in an effort to manage their budget amidst financial challenges.
But Baldwin Wallace isn’t alone in this struggle. Drexel University in Philadelphia is also preparing for budget adjustments, with workforce and benefits cuts expected after their deficit increased by $22 million. Drexel University has linked their enrollment challenges to issues arising from the rollout of the new Free Application for Federal Student Aid (FAFSA).
These stories aren’t just isolated incidents – they’re symptoms of a larger trend that’s been building for years. Since March 2020, more than 70 noteworthy college closures and mergers have occurred alone. It’s a sobering reality that’s leaving many students and parents wondering: Is my college investment safe?
The Perfect Storm
The reasons behind this trend are as complex as they are concerning. We’ve seen college enrollment on a steady decline since 2012, with the pandemic delivering a particularly harsh blow. Add to that the increased competition from online programs and alternative education paths, and traditional colleges are finding themselves in a tight spot.
But it’s not just about getting students through the door. The cost of running a college – from faculty salaries to keeping the lights on and the Wi-Fi flowing – keeps climbing. And let’s not forget the demographic shifts.
In many regions, the number of high school graduates is projected to decline significantly after 2025, with an estimated 10.4% decrease by 2037. This decline is largely due to reduced birth rates, particularly impacting the Midwest and Northeast, while some states in the South and West may see more moderate changes.
Navigating the Choppy Waters
So, what does all this mean if you’re a student gearing up for college, or a parent helping to navigate these choppy waters?
First and foremost, it’s time to roll up your sleeves and do some serious homework before committing to a school. Dive into the financials – look at enrollment trends, endowment size, and any recent news about the institution. It’s not the most exciting research you’ll ever do, but it could save you a world of heartache down the line.
Don’t just focus on the school as a whole, either. Take a good, hard look at the program you’re interested in. Some majors might be more vulnerable to cuts than others, so you’ll want to get a sense of how stable and well-supported your intended area of study is.
Now, I know it’s not the most optimistic advice, but in today’s climate, it’s wise to have a backup plan. Consider what you’d do if your chosen school faced unexpected challenges. Familiarize yourself with transfer policies and how credits might carry over to other institutions.
Have a backup plan by identifying potential transfer institutions and understanding their credit transfer policies. This will help you transition smoothly if unexpected challenges arise.
The Debt Dilemma
Speaking of storm clouds, let’s talk about the elephant in the room: student debt. With the uncertainty swirling around higher education, it’s more crucial than ever to avoid taking on excessive loans.
This might mean making some tough choices – perhaps starting at a community college to complete those general education requirements, or looking into online options from reputable universities. These paths can often be more resilient to financial challenges and easier on your wallet.
Silver Linings
But here’s the thing – while all this change and uncertainty can seem overwhelming, it’s not all doom and gloom. This shakeup is driving some positive changes in higher education. Many institutions are stepping up their game, developing more relevant programs and finding innovative ways to deliver education more efficiently. In the long run, this could lead to better value for students.
Moreover, this turbulence is sparking important conversations about the purpose and value of higher education. We might just see a system emerge that’s stronger and more in tune with the needs of students and the job market. Ultimately, this evolving environment is pushing colleges to innovate, creating new opportunities for students who remain informed and adaptable.
Charting Your Course
The key to navigating this changing landscape is to stay informed and think critically about your options. Keep an eye on news about your chosen school and the higher education sector in general.
And remember, the goal isn’t just to get a degree – it’s to obtain an education that provides real value and sets you up for future success.
Yes, the world of higher education is changing. But with careful planning, a willingness to adapt, and a clear-eyed view of the landscape, you can still chart a course to a bright academic future.
After all, education has always been about learning and growing – and now, more than ever, that applies to how we approach the college experience itself.
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