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Colleges Could Lose $183 Billion During Pandemic
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U.S. colleges and universities stand to lose a collective $183 billion as a result of the pandemic, according to an analysis by Paul Friga, a public higher education consultant for the Association of Governing Boards of Universities and Colleges and a clinical associate professor of strategy at the University of North Carolina Kenan-Flagler Business School.
Friga examined budget estimates for fiscal years 2020 and 2021 from 107 U.S. colleges and universities. Revenue losses for higher education institutions could reach $85 billion in fiscal 2021, driven by decreased enrollment, tuition discounting, declining international student enrollment and the suspension of athletic programs, according to Friga.