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COVID-19 College Consequences

The onset of the novel coronavirus pandemic has turned higher education and college students upside-down. As the consequences of this incredibly infectious pathogen trickle down, virtually no aspect of normality has been left untouched. A search for proof of that statement turns up some dramatic reports. That’s what I’d like to look at today.
A Google inquiry for COVID-19 college consequences yields impressive results. If we can imagine COVID-19 as a torrential downpour, the trickle down washes over college presidents first, whose responsibilities include keeping their institutions afloat. The trickle trail continues south to engulf admissions and enrollment administrators, then onto housing, physical plant, athletics, students, parents and alumni. Everyone gets wet.
Of course, like all businesses, the bottom line for higher ed is revenue. The flow of incoming cash lubricates the collegiate machinery and when something happens to stifle the lubrication, the gnashing of gears becomes audible quickly. Cash flows in from enrollments, and the national trend, even before the pandemic breakout, has shown fewer high school students choosing traditional colleges.
Colleges Face Tough Choices
What follows is a brief summary of some of the more pointed articles from my search. When taken as a whole, one might possibly see the logic behind Professor Scott Galloway’s projection that a surprising number of America’s 4,000+ colleges and universities will go out of business in the near future.
First, Andrew DiPietro, writing in Forbes, sums up the situation rather well:
… One huge area that COVID-19 is impacting and sowing major confusion is in higher education. Colleges and universities have been thrown into very uncertain waters as they are forced to convert to online-only courses while struggling with a myriad of other issues, especially in the realm of finances. We asked college professors and administrators, counselors, higher education consultants and many other experts in the field of higher education for their views on how COVID-19 is impacting colleges and universities, both currently and in the longer-term …
Two significant comments from those interviewed:
- “The colleges best positioned to survive the financial challenge may be the urban commuter schools. Living at home while attending schools with limited-sized classes may become a much more palatable option for parents afraid to send their children to live in densely populated campus dorms,” said Gil Gibori, CEO and founder of The House Tutoring Lounge …
- “For new students, it’s going to be a mess. I expect that we will see many of the students who were so excited to be accepted a few months ago will either elect to take a gap year. Especially if the school is residential and far enough from home to make it difficult to return if needed,” said John Pryor, founder of Pryor Education Insights …
These two points highlight the one-two punch colleges must absorb: (1) the trending cultural change toward commuter schools — community colleges and vocational trade schools, and (2) falling enrollment. As I’ve discussed before, ever-rising college costs are also causing families to rethink their return on investment in this era of increased unemployment. That’s why community college and vocational trade schools fill a broad need now.
CNBC’s Abigail Hess notes that Some students are considering dropping out of college because of coronavirus. These are the kinds of stories that strike fear into the hearts of college administrators. Hess cites one example under the heading of “Worsened financial realities”:
Taylor Hill, 22, is a sophomore communications major at Indiana University South Bend. She lives alone and was working 35 hours a week as a cashier at a Habitat for Humanity ReStore to support herself through her degree. But since being laid off in mid-March when the store closed due to the pandemic, Hill has been forced to evaluate if she is financially able to continue her education.
“I’ve got at least $6,000 in debt, which isn’t too bad, but I’m still a sophomore so I’ve got a couple more years to go. It’s hard to say if going back would be financially responsible because I don’t have anything in savings. I was working and living paycheck to paycheck,” Hill tells CNBC Make It. “I honestly am not entirely sure how I’m going to dig myself out of this financial hole I found myself in.”
She says this concern is shared by her peers. “Just about all of my friends are laid off right now, so a lot of us are in the same situation,” Hill says …
Hill brings up another threat to colleges: student loan debt. Even though she has “at least” $6,000 of debt at the (hopeful) midpoint of her college career, she may not be aware of “front-loading” financial aid. That’s where colleges give attractive aid packages in the first year or two then systematically diminish their generosity during upperclass years, thus increasing debt for students whose financial resources haven’t improved or worsened, such as Taylor Hill’s have.
Could Liberal Arts Departments Suffer?
One of the hardest hit areas is liberal arts. The loss of revenue sometimes requires the elimination of entire degree programs. Classical liberal arts, frequently underestimated as a credential for “real-world” employment, are among the first areas to be scrutinized when administrators start cutting.
Another CNBC reporter, Jessica Dickler, documents this fact in her report Colleges cut academic programs in the face of budget shortfalls due to Covid-19:
In the wake of the coronavirus crisis, some things may never be the same. A liberal arts education could be one of them … In early June, the University of Alaska system announced it will cut 39 academic departments in all, including degree programs in sociology, creative writing, chemistry and environmental science …
Thirty-nine departments! That would be enough to scuttle some liberal arts colleges. Smaller schools are also making sweeping cuts.
… Elmira College in New York said it is eliminating a number of academic programs, including American studies, classical studies, economics, international studies, music, philosophy and religion, and Spanish and Hispanic studies, in addition to cutting several athletic teams and reducing staff by 20 percent …
The increasing trend of technical and vocational education is providing a safe harbor of sorts for some schools that recognize students’ needs for hands-on skills rather than esoteric knowledge. For example, look at how Hiram College is reacting to the changing landscape.
Hiram College, just outside of Cleveland, eliminated several majors, including religion, art history and music, in favor of an increased emphasis on technology and programs in sport management, international studies and crime, law and justice …
And what would college be without sports? The potency of the COVID-19 impact has reached even the highest levels of collegiate athletics, as Insider reveals: Cincinnati, Stanford, and 17 other Division I schools are permanently eliminating dozens of sports programs in an unexpected loss from the pandemic.
… As of this article’s writing [July 8, 2020], 19 Division I schools have cut at least one of its teams since the pandemic began. In total, those 19 schools — only one of which belongs to the Atlantic Coast Conference, Big Ten, Big 12, Pac-12, or Southeastern Conference that comprise college sports’ Power Five — have permanently cut 57 teams between them. Baseball, softball, wrestling, men’s and women’s lacrosse, men’s and women’s tennis, and men’s and women’s golf are among those cut …
Here is the comment that quickly caught my eye. It reflects colleges’ instinctive sense for revenue, regardless of how many degree programs may have to be cut:
Predictably, not one school has chosen to discontinue its football or men’s basketball team as a money-saving measure …
So, to complete my title’s alliteration, COVID-19 college consequences are considerable. Unfortunately, as we are about to enter August, I think we’ve just seen the tip of the iceberg.
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By: Dave Berry
Title: COVID-19 College Consequences
Sourced From: insights.collegeconfidential.com/covid-19-impact-on-colleges
Published Date: Tue, 28 Jul 2020 14:03:48 +0000
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Apply Online For Student Loans

Apply Online For Student Loans
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However, it’s important to remember that student loans are still loans, and you should borrow responsibly. It’s advisable to budget regularly and avoid unnecessary purchases or luxuries to ensure you can manage your loan repayments in the future.
Before applying for student loans, explore other options such as scholarships, grants, or parental funding. These resources can help reduce the amount you need to borrow and minimize your financial obligations.
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In conclusion, applying online for student loans can provide you with the financial support needed to pursue your education. However, it’s important to borrow responsibly, explore other funding options, and plan for a successful career to ensure you can manage your loan repayments effectively.
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Webinar Recap: How COVID-19 is Affecting Financial Aid

Many families are facing new financial challenges in light of the coronavirus emergency, and College Confidential has fielded dozens of questions on this topic recently. To address those queries, we hosted a webinar on April 9 entitled “Paying for College Amid Changes Due to the Impact of COVID-19.”
During the event, moderated by Aaron Murphy, manager of learning and development with Inside Track, the following panelists offered their perspectives on the issue:
- Denise Trusty, director of financial aid with Morehead State University
- Laura Reisert Kalinkewicz, associate vice president of college partnerships with RaiseMe
- Amy Nelson, director of sales at International Scholarship and Tuition Services
- Charlie Javice, founder and CEO of Frank.
Check out the following topics that the panelists discussed, along with their views of how things may unfold amid the financial challenges brought on by the coronavirus outbreak.
Family Finances Changed? Contact Your Schools
If you plan to start college in the fall as a freshman — or return to school as an existing student — and your financial situation has changed since you applied for financial aid, you should contact the colleges on your list immediately. Financial aid departments can consider appeals for more money, but must base these decisions on each individual student’s situation, Trusty said.
“I know with Morehead State, where I work, we will be doing professional judgement calls on all students who say they’ve been affected,” she noted. “We will reach out to those students to see what we can do to help them maybe obtain additional funding, additional grants, scholarships, whatever they would be eligible for. We do professional judgment all the time for our students, because things happen all the time. This year will be an especially large amount of those, I’m sure, but those are up to individual schools to make that call for their students.”
In addition, she added, the Department of Education has set aside over $6 billion for additional grants and scholarships that the universities will be able to use. “Currently, I don’t know how that’s all going to play into this,” Trusty said. “So that will be up to each individual university on how they lay those out. I know it will be beneficial, I just don’t know how available that will be to each student.”
Keep in mind that schools are accustomed to reviewing financial aid appeals, and they all have processes in place for to do so. “It is really, really important to know that schools typically leave a budget from 10 percent to 20 percent or so of their financial aid dollars for what would be called a professional judgment bucket,”Javice said. “Therefore, there is additional money to be had, and it’s up to you to request it. You should approach your school as soon as you know you might need more money, and be prepared to show supporting documentation demonstrating how your finances are different from when you filed your FAFSA initially. This might require proof of a job loss, medical bills, a cut in pay or another such issue, Javice said.
In addition, if another school gave you a better financial offer, you can petition the school that gave you the lower offer for more money, Javice noted. “This typically works better for private institutions versus public state schools, given the fact that they have a little bit more discrepancy and more dollars to put to work in terms of a tuition discount,” she added. “This is solely up to the school on a case by case basis.” In some cases, the money is distributed on a first come, first serve timeline, so don’t wait if you know you need more aid.
Although financial aid can be a stressful topic, try not to be emotional when you request more money, Javice added. You’ll get a lot further by having organized documentation to present than you would by getting angry or upset, she noted.
Consider Outside Scholarships
The coronavirus situation has changed plans not only for incoming freshmen, but also for current college students, Nelson said. “Organizations are stepping up and trying to find ways to provide additional scholarship opportunities this year,” she noted. Students should be proactive in seeking those options.
Raise Me is offering new micro-scholarships for students who are seeking additional funding sources, Kalinkewicz said. In addition, she encourages students to ask colleges for more time to make decisions, even if the school hasn’t extended its deposit process. You can always try and request additional time to get your financial aid package right, she noted.
Finding more money is not relegated to younger students, Javice added. “Adult learners comprise the biggest group of people actually going to college today,” she noted. It’s very common for people to be seeking new types of skills and going back to college to gain additional degrees. Financial aid is available to adult learners, and they may even get aid to pay such costs as rent, she added. In addition, they can seek outside scholarships or employer-matching funds to pay for their educations.
Not Necessarily Too Late to File FAFSA
Students who didn’t file a FAFSA already should do that as soon as possible so you can get access to financial aid funds, Javice said. Federal FAFSA deadlines are usually in June, but states make their own deadlines for state aid. Some states, such as New Jersey, have moved their deadlines back for this year, so check to make sure you stay on top of your deadlines.
And if you file for financial aid and you decide you don’t want it, you can always decline the financial offer or portions of that offer, Nelson said. Your best bet is to apply so you can take what you need and decline any amounts you don’t need. Even if you don’t think you qualify for financial aid, you should apply anyway because you could be surprised at what you’re offered. “You really need to complete that [FAFSA] process every year,” Nelson said. “The process is very easy, and jobs can come and go. It’s your safety net and you want to make sure you’ve completed it. It makes it a whole lot easier when situations like this arise.”
Some colleges also have supplemental applications to fill out for particular types of aid, so always reach out to your financial aid office for information on which documentation you should be completing, Kalinkewicz said.
Could Families — Not Schools — Be in the Driver’s Seat?
Because many merit scholarships are based on test scores and GPAs, some high school juniors are concerned that they won’t have access to those in the coming year. With test dates being canceled and grades moving to pass/fail, they fear they won’t meet the criteria to earn such scholarships.
“It’s clear to me that colleges and universities know the extraordinary circumstances we’re under,” Nelson said. “All schools are leaning forward and considering all options as the situation develops. I would continue to encourage juniors to stay engaged and stay informed.” You should also watch to see what happens with test dates, she said. The ACT and SAT dates could change, and some schools may forego the need for a test score altogether, she added.
In addition, some merit scholarships that have traditionally been based on test scores may become test optional, Kalinkewicz noted.
Keep in mind that in many cases, families are in the driver’s seat rather than having the colleges be in charge, Javice said. Some schools have lost revenue and are very eager for students right now, “so if you are scared because you thought you could never get into a specific school from an admission criteria standpoint, this is your year to stretch, this is your year to think about the schools that are your reach category and go for it, because schools need the money and need the students. So the power that used to be in an admissions office is in you, the student or the family’s hands,” she said.
She also advises juniors to request application waivers from schools to save the $50 to $100 or so per application that they would normally pay. The schools may say no, but it won’t hurt to ask, she advised. “Persistence is key when dealing with schools,” Javice noted.
Federal Student Loans Payment Suspended
As many families are aware, payments on federal student loans are automatically suspended from March 13 through September 30, 2020 thanks to the government’s CARES Act. This is essential to keep in mind, particularly for families that have multiple children in various stages of the college process.
“You will stop paying your loans and you will have zero interest from now until September 30, and that’s important for parents to know,” Nelson said regarding existing federal student loans. “If you had an auto draft, the auto draft has been shut off and will not continue. You can, however, continue to make those payments if you’d like, and any interest you had before March 13, once that interest is paid up, all your payments will go directly toward your principal.” She advises families with federally-backed loans to check with their loan servicing agents, because they have a lot of information for both parent and student borrowers on how the CARES Act will impact payments for the next six months.
Student Job Gone? Colleges Might Help
For students who expect to earn money via part-time or full-time work to pay for college, but can’t do so due to the coronavirus, colleges may have resources to help. “There are many colleges and universities that have put together emergency grants for students to cover expenses that they were maybe not expecting because of COVID-19,” Nelson said. “They are making accommodations to try and make up for that lost income for students.”
Trusty said Morehead State is continuing to pay students who were on federal work-study. “If they had a job, we are still paying them right now as if they were working, although they are not. In the summer, those funds will be flipped over to emergency grant funds. So we will make sure that our students are covered and can live as if they were employed with the work-study position.”
Some colleges have even made remote work available to students, Kalinkewicz added. Therefore, contact your financial aid office to determine if any accommodations are available to make up for lost student income whenever possible.
Consider Other Options to Save
If you are seeking ways to save money on college, you should also consider other resources, whether that means less expensive colleges, in-state options or potentially transferring down the road, Janice said. You can also save money by taking classes at a community college to pay a lower cost for your credits that can be transferred to a four-year college later.
“If you have that target institution in mind — maybe you’ve already been admitted there but your family has determined a year of community college will really help stretch things further — work on articulation agreements or a plan so you are taking the right classes that actually have the ability to transfer toward the degree you want at your target institution, not necessarily just as credit,” Kalinkewicz said.
In addition, many colleges offer merit aid for transfer students, she added. So always look for every potential financial aid and scholarship resource to best maximize your package and allow your dollars to stretch as far as possible.
Resource: To review the entire hour-long webinar, you can watch the replay here.
Share Your Thoughts
We’d love to hear your thoughts on this topic. Check out our forum to contribute to the conversation!
By: Torrey Kim
Title: Webinar Recap: How COVID-19 is Affecting Financial Aid
Sourced From: insights.collegeconfidential.com/financial-aid-amid-covid-19
Published Date: Fri, 10 Apr 2020 15:22:20 +0000
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