Amid coronavirus pandemic, a growing list of colleges in financial peril [View all]
The number of private colleges and universities in New England at risk of closing or merging has doubled amid the financial shock of the coronavirus pandemic, a new report by an education technology firm has found.
Before COVID-19 ravaged higher education budgets — forcing institutions to temporarily shut down campuses, offer refunds to students, and invest in online teaching tools — 13 institutions in New England were in danger of closing within six years. That number has jumped to 25, according to Edmit, a Boston-based college advising company.
Nationwide, 110 more colleges and universities are now in peril because of the financial impact of the virus, bringing the total number to 345 institutions, Edmit found.
The pandemic has even deteriorated the financial outlook of colleges that have historically been cushioned by substantial endowments and strong enrollments, according to Edmit. Nationwide, the number of private colleges at a low risk of failure slipped from 485 institutions before the virus to 385, Edmit found.
Read more: https://www.bostonglobe.com/2020/05/08/metro/amid-pandemic-growing-list-colleges-financial-peril/
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