Economic Changes in Higher Ed

As the New Year kicks off, now is a great time to begin your college search (Juniors) and finalize your college plans (Seniors). It is difficult to predict how college admission and enrollment numbers will change this year, as many colleges buckle down to weather the current economic storm. Three things that current juniors and seniors might want to consider as they continue their college search and decision process:

1. Budget adjustments. Even the most financially stable, well endowed, and prestigious universities have instituted a plan of action that will impact students at their respective schools. How will these plans impact your education? Are you a science buff that is looking forward to the new science building? Many schools have suspended new construction or large building projects for the next year. In what areas are they cutting costs?

2. Financial aid. Some colleges are finding it a challenge to pay for their current students, as many of those students have new financial need. Changes in parental income, home values, and a slowing economy have changes the financial landscape of many students. How colleges are accomodating this increasing need for aid is a question you'll want to have answered.

3. Academic hiring. Many universities have frozen hiring for the foreseeable future. What are class sizes now, and how do they anticipate that changing as faculty openings remain unfilled? In what acadmic departments do they anticipate this having the most significant impact?

In addition to budget freezes and immediate adjustments that are already impacting colleges and universities across the nation, the upcoming budget cycle has yet to be set. How will colleges adjust for significant decreases in endowment size, a foreseeable drop off in alumni giving, and tighter budget lines all around? The actions outlined above are immediate rather than planned. . . As budget planning commenses for the next budget cycle, more significant cuts should be anticipated.

Why is college admission so competitive?

A recent survey by the National Center for Educational Statistics provides a clear picture of why (and how) college admission has changed so drastically in the past thirty years.

1. A larger % of high school students plan to go to college. Whereas years ago, less than half of students expected to attend college, that number has significantly changed.

2. Women attend college in much larger numbers than in the past.

3. Minorities attend college in much larger numbers than previously.

4. The population of college and high school age students is larger than ever before.

As with all trends, there are counter trends to be considered. The largest is that colleges and universities, two year colleges, technical institutions, and for-profit educational options continue to develop and grow. There are more options for furthering one's education than ever before. As indicated in a previous post, colleges are also increasing their enrollment to accomodate a larger number of students than ever before.

What does this mean to you? There are more options than ever before but there are also things you need to consider when applying to schools. Are you being reasonable in your school choices? Does your high school record look similar to other students who have been admitted to the programs you are considering? The most important thing you can do to get admitted to the best program for you is to research your options well and be realistic about your strengths, weaknesses, and opportunities.