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.