The Economy’s Impact on Universities
The current economic crisis is far-reaching and impacts our colleges and universities as well as their student populations.
Attending a university is already unaffordable for many Americans in good economic times. The current credit crunch has made attending college financially out of reach for a great number of students.
Most colleges and universities rely heavily on endowment funds. There are far fewer people making donations these days to their favorite schools, so many universities and colleges have budgeting problems during these challenging times.
The financial crisis also makes it harder for students to obtain loans, and for the lucky few who do secure loans to continue their educations, the rising interest rates hurts the parents of the children who assist in re-paying these loans.
Together, these factors will most likely mean there will be fewer students choosing to go to college and in return means that there will be fewer funds available to pay for the various college programs. This will drive up the tuition rates, making college even more out of reach for tens of thousands of students.
The economic crisis in our society today touches us all in some way, and our colleges and universities are certainly suffering, as are the prospective students.
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