Colleges in Dire Financial Straits

[selecter]

In roughly the same region, the Paul Smith's College story is getting weird. Looks to me like the accreditor says no and the president says yes. I can guess how that will work out.
https://www.adirondackalmanack.com/2023/05/paul-smiths-president-the-college-has-no-plans-to-close.html

Technically, I'm assuming the accreditor said "teach out" and everyone else heard "close." Splitting that hair will be detrimental all around.

[Wahoo Redux]

In roughly the same region, the Paul Smith's College story is getting weird. Looks to me like the accreditor says no and the president says yes. I can guess how that will work out.
https://www.adirondackalmanack.com/2023/05/paul-smiths-president-the-college-has-no-plans-to-close.html

Technically, I'm assuming the accreditor said "teach out" and everyone else heard "close." Splitting that hair will be detrimental all around.

IHE: Accreditor Demands Teach-Out Plan From Paul Smith's College

[spork]

Paul Smith's will close. It is no longer a financially viable operation.

Upper Iowa University. Undergraduate FTE enrollment peaked at 5525 in 2012 and dropped to 3285 in 2021. Consistent deficits of up to 10% of total operating expenses.

[selecter]

If my friend of a friend is correct, some of the students coming out of Medaille seem to be 85% discounted. Tough for the teachout schools, I'd reckon.

[apl68]

Paul Smith's will close. It is no longer a financially viable operation.

Upper Iowa University. Undergraduate FTE enrollment peaked at 5525 in 2012 and dropped to 3285 in 2021. Consistent deficits of up to 10% of total operating expenses.

The latest news says that they've just announced about three dozen layoffs, and are eliminating several sports programs.  But starting a new program in women's wrestling.

And they are closing seven "regional education centers."  I suppose these are some kind of remote education sites that didn't pan out?

They're also hoping to pick up orphaned students from Iowa Weslyan.

[lightning]

Paul Smith's will close. It is no longer a financially viable operation.

Upper Iowa University. Undergraduate FTE enrollment peaked at 5525 in 2012 and dropped to 3285 in 2021. Consistent deficits of up to 10% of total operating expenses.

The latest news says that they've just announced about three dozen layoffs, and are eliminating several sports programs.  But starting a new program in women's wrestling.

And they are closing seven "regional education centers."  I suppose these are some kind of remote education sites that didn't pan out?

They're also hoping to pick up orphaned students from Iowa Weslyan.

I honestly had no idea that Upper Iowa University even existed.

[spork]

King's College (NYC, not London) lost its accreditation. It needs to close.

MSCHE announcement

[downer]

King's College (NYC, not London) lost its accreditation. It needs to close.

MSCHE announcement

https://www.highereddive.com/news/kings-college-on-the-brink-of-closure-still-fundraising-to-stay-alive/647277/

I wonder whether billionaire Peter Chung will get his $2 million  loan back.

[apl68]

With enrollment dropping below 400, they really are below the threshold of viability now.

[hester]

Hi,
  Has anyone heard the outcome this budget is having on CSCU ( not UConn)? I understand state colleges are already trimming costs.

If I understand correctly,  it's approximately a 150 mm cut over 17 colleges/ uni.

8-12 mm cuts will be felt deep at each institution.

Thanks

[apl68]

That would translate to scores of faculty and staff cuts at each institution, at least.

[Hibush]

King's College (NYC, not London) lost its accreditation. It needs to close.

MSCHE announcement

https://www.highereddive.com/news/kings-college-on-the-brink-of-closure-still-fundraising-to-stay-alive/647277/

I wonder whether billionaire Peter Chung will get his $2 million  loan back.

The school was really a vanity project of Richard and Helen DeVos (the family of Amway and Secty of Ed fame). When they died, the school's financial model did as well.

[kaysixteen]

And King's blew away whatever credibility it still had a few years back by hiring Dinesh D'Souza as its president.

[Wahoo Redux]

And King's blew away whatever credibility it still had a few years back by hiring Dinesh D'Souza as its president.

Well, we need to bury the culture wars then.

[kaysixteen]

Even strongly committed righty culture warriors need to recognize that hiring/ promoting scumbags is a bad strategic decision.