They've been through riots, protests, and natural disasters—but America's colleges have never seen anything like the financial meltdown the coronavirus is about to bring to their campuses.
The rising wave of health fears, added costs, and vanishing tuition payments could crush small colleges, many of which were already hanging by a financial thread. Those that can weather the crisis—including big-name universities with billions in their bank accounts—in turn stand to gain big from the fallout.
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Added safety measures mean more expenses, Brown education professor Susanna Loeb told the Free Beacon. Colleges will need to pay fixed costs, like staff salaries and facilities maintenance, while simultaneously spending more on cleaning, testing, and added space for socially distanced classes and living. At the same time, money will stop flowing in; Robert Kelchen, a professor of higher education at Seton Hall University, said that colleges are expecting a 20 to 30 percent drop in revenue next year.
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