For years, Claire McCarville dreamed of going to college in New York or Los Angeles, and she was thrilled last month to get accepted to selective schools in both places. But earlier this month, she sent a $300 deposit to Arizona State University, a 15-minute drive from her home in Phoenix."It made
The campus of Rice University in Houston is nearly empty on March 15, 2020, after all in-person classes and undergraduate labs were canceled.
Some institutions are projecting $100 million losses for the spring, and many are now bracing for an even bigger financial hit in the fall, when some are planning for the possibility of having to continue remote classes. In mid-March, Moody’s Investors Service downgraded the outlook for higher education from stable to negative, predicting that institutions with strong endowments and cash flow, like Harvard or Stanford, would weather the virus, while smaller ones would not.
It has been able to balance its budget through a hiring freeze and savings on travel and events. But, said David Greene, Colby’s president, “in the long run, that is not a winning strategy.” The rest of the bailout amounts to just 1% of total university expenses. College presidents say that won’t be enough to protect some institutions from slashing staff and programs, cutting back scholarships or perhaps even going under. They are asking for at least $46.6 billion in aid, to be divided equally between institutions and students, in the next stimulus package.
The spring is prime testing season for juniors applying to college in the fall. But dates for the SAT and ACT have been canceled, and Advanced Placement subject tests have been truncated. On Wednesday, administrators of the SAT and ACT announced that they would develop digital versions for students to take at home if school closures continue into the fall.
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