The Ivory Tower is not immune to a recession. Across America, small colleges, brand name schools, and public universities are being affected by lost jobs, the stock market downward spiral, budget cuts, and drops in their endowments. In order to keep financial aid available for families that need it, schools are going through hiring freezes, slashing costs across departments, and getting creative about how to generate new revenue. Even Harvard and MIT are responding to our down economy.
Families of high school juniors and seniors should not panic, nor should they take an institution off their list just because of its sticker price. For example, many competitive private schools from Boston to California will probably accept more students this admission cycle, just because they know there may be fewer students who actually enroll. For the California State Universities, there could be a record amount of applications. Unfortunately, the 23-campus system wants to cut its enrollment statewide by 10,000 students.
For parents and students, my advice is to stay the course and see what happens between now and May 1st, the standard deposit deadline for higher education enrollment intentions. There is a school out there for you that will fit your academic, social, and financial criteria. Consider the vast possibilities of schools instead of being in a mindset of doom and gloom.
Your education is a lifelong investment. Don’t let an economic downturn make you lose sight of your dreams and educational goals.
Liam Dunfey, COO
University Advisors
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