Economy

Higher Education Aims To Reduce Costs Amid Pandemic

Higher Education Aims To Reduce Costs Amid Pandemic

Institutions of higher education are taking strong measures to stay on an even keel as they encounter less state funding, decreased contributions and a falling number of students. Some of the newest groups of people impacted by cost cutting are teachers, CNBC reported.

Boston University, Northwestern, Trinity College, Georgetown and Duke have unveiled decreases in wages or to retirement contributions for the time being in an effort to mitigate the reduction of funds coming into the schools because of the pandemic.

The University of Arizona, University of Akron and Boston University are among the institutions to put employees on leave or lay them off due to the pandemic’s economic effects.

In general, most faculty members are in positions that are not tenured, or on the path to becoming tenured, per the American Council on Education. As a result, their job security is reportedly at an all-time low. Additionally, tuition to institutions of higher education has risen dramatically even prior to the pandemic amid reductions in state funding.

The usual undergraduate in his or her last year leaves school with debts of almost $30,000, among the almost seven in 10 pupils who take out loans for their educations. The current student loan burden has reached $1.6 trillion.

As it stands, some students are seeking decreased tuition in the academic year to come as a number of institutions are transitioning in the direction of part or full digital classes in lieu of in-person instruction. Students from different parts of the country — at schools ranging from Rutgers to the University of Houston are reportedly asking for tuition discounts.

Some are even launching suits against schools for reimbursements for the spring semester. Students at the University of North Carolina system, in one case, have sued seeking reimbursements for tuition and fees for the spring since the schools migrated to digital learning.

——————————

PYMNTS TV LIVE OCTOBER SERIES: B2B PAYMENTS 2021 – WHAT WILL YOU CHANGE? 

Banks, corporates and even regulators now recognize the imperative to modernize — not just digitize —the infrastructures and workflows that move money and data between businesses domestically and cross-border. Together with Visa, PYMNTS invites you to a month-long series of livestreamed programs on these issues as they reshape B2B payments. Masters of modernization share insights and answer questions during a mix of intimate fireside chats and vibrant virtual roundtables.

TRENDING RIGHT NOW