{"id":1109,"date":"2020-11-02T23:20:00","date_gmt":"2020-11-03T04:20:00","guid":{"rendered":"https:\/\/www.nepc.com\/private-wealth\/newsroom\/cnbc-falling-enrollment-lost-tuition-puts-colleges-in-extreme-financial-distress\/"},"modified":"2021-11-02T19:09:19","modified_gmt":"2021-11-02T23:09:19","slug":"cnbc-falling-enrollment-lost-tuition-puts-colleges-in-extreme-financial-distress","status":"publish","type":"newsroom","link":"https:\/\/www.nepc.com\/private-wealth\/newsroom\/cnbc-falling-enrollment-lost-tuition-puts-colleges-in-extreme-financial-distress\/","title":{"rendered":"CNBC: Falling enrollment, lost tuition puts colleges in extreme financial distress"},"content":{"rendered":"<div class=\"wpb-content-wrapper\">[vc_row][vc_column column_width_percent=&#8221;100&#8243; gutter_size=&#8221;3&#8243; overlay_alpha=&#8221;50&#8243; shift_x=&#8221;0&#8243; shift_y=&#8221;0&#8243; shift_y_down=&#8221;0&#8243; z_index=&#8221;0&#8243; medium_width=&#8221;0&#8243; mobile_width=&#8221;0&#8243; uncode_shortcode_id=&#8221;140364&#8243;][vc_column_text uncode_shortcode_id=&#8221;211188&#8243;]NEPC&#8217;s Sam Pollack was featured in a CNBC article that focuses on the Higher Education COVID-19 Flash Poll. <a href=\"https:\/\/www.cnbc.com\/2020\/10\/26\/falling-enrollment-lost-tuition-puts-colleges-in-financial-distress.html\" target=\"_blank\" rel=\"noopener\">Read the piece here.\u00a0<\/a><\/p>\n<p><!--more-->KEY POINTS<\/p>\n<ul>\n<li>Revenue shortfalls from tuition and student housing are the greatest challenges colleges now face, according to a new survey of higher education leaders.<\/li>\n<li>Already, universities have furloughed thousands of employees and announced revenue losses in the hundreds of millions.<\/li>\n<\/ul>\n<p>Sharp enrollment declines due to the pandemic have taken a severe financial toll on many colleges and universities, and the impact may last for years to come.<\/p>\n<p>To that point, 67% of higher education leaders said decreased revenue from tuition and student housing are the biggest challenges they now face, according to a recent poll from consulting firm NEPC&#8217;s endowments and foundations practice.<\/p>\n<p>Overall, undergraduate enrollment fell 4% this year, according to separate data from National Student Clearinghouse Research Center, with incoming freshmen accounting for the biggest drop, sinking 16% from last fall.<\/p>\n<p>For many colleges and universities, the consequences could be severe, according to Sam Pollack, a partner in NEPC&#8217;s Endowments and Foundations practice.<\/p>\n<p>&#8220;The coronavirus pandemic created the most severe liquidity crisis higher education has faced since the global financial crisis&#8221;, he said.<\/p>\n<p>As many schools moved to a hybrid approach to education, with a combination of in-person and online classes, the number of students living on campuses is also down substantially.<\/p>\n<p>Nearly three-quarters of those polled by NEPC said occupancy in school-owned housing, another a critical source of revenue, declined this year, and about one-quarter said it decreased more than 50%.<\/p>\n<p>Even before the global pandemic caused craters in the economy, some institutions were facing financial hardship after years of deep cuts in state funding for higher education.<\/p>\n<p>Already, universities have furloughed thousands of employees and announced revenue losses in the hundreds of millions. Some have even cut academic programs that were once central to a liberal arts education in order to stay afloat.<\/p>\n<p>NEPC polled about 50 higher education executives from colleges and universities across the country. The National Student Clearinghouse Research Center collects data from more than 3,600 post-secondary institutions.[\/vc_column_text][\/vc_column][\/vc_row]\n<\/div>","protected":false},"excerpt":{"rendered":"<p>[vc_row][vc_column column_width_percent=&#8221;100&#8243; gutter_size=&#8221;3&#8243; overlay_alpha=&#8221;50&#8243; shift_x=&#8221;0&#8243; shift_y=&#8221;0&#8243; shift_y_down=&#8221;0&#8243; z_index=&#8221;0&#8243; medium_width=&#8221;0&#8243; mobile_width=&#8221;0&#8243; uncode_shortcode_id=&#8221;140364&#8243;][vc_column_text uncode_shortcode_id=&#8221;211188&#8243;]NEPC&#8217;s Sam Pollack was featured in a CNBC article [&hellip;]<\/p>\n","protected":false},"author":95,"featured_media":1349,"template":"","meta":{"content-type":"","footnotes":""},"newsroom_categories":[81],"newsroom_tags":[82,83],"class_list":["post-1109","newsroom","type-newsroom","status-publish","has-post-thumbnail","hentry","newsroom_categories-in-the-news","newsroom_tags-press","newsroom_tags-press-coverage"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - 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