Layoffs and furloughs have soared, with unemployment reaching levels not seen since the Great Depression. Household finances have been thrown into uncertainty as breadwinners have lost their jobs. Colleges and universities have been thrown into very uncertain waters as they are forced to convert to online-only courses while struggling with a myriad of other issues, especially in the realm of finances.
As a result, I think it will be easier to gain admission to many selective private schools, but much harder to get into the highly regarded state institutions.” “Given the large number of international students who attend U.S. institutions of higher learning, there are many unknowns as we plan for the fall semester. “Additionally, due to varying time zone differences, many international students may not be able to participate in remotely offered classes in real time,” Peazant added.
“There are already very noticeable financial ramifications for colleges, staff and students alike and the situation is likely to only get worse for the time being and in the foreseeable future. While universities and the government are announcing and rolling out relief package measures to support affected students facing financial hardship due to this global pandemic, such measures are not yet widespread or standard.” “Colleges and universities will first need to determine if they can recover from the financial losses they sustained during the spring semester and anticipate for the summer. If they are barred from entering the United States or reluctant to come, many colleges and universities will lose a significant base of tuition support.” However, losses in endowments and operating funds may prompt college and universities to reduce merit and need-based aid, which would drive students to take out larger loans,” said Vaillancourt. “Students who have traditionally relied on on-campus work may have fewer options. Students with outstanding loans who choose not to return to colleges and universities may find themselves challenged to secure the salary levels needed to pay back their debt in a timely manner.”
Read more at: https://www.forbes.com/sites/andrewdepietro/2020/04/30/impact-coronavirus-covid-19-colleges-universities
