Higher Education Finances Looking Better for 2021, But Sector Still Has a Long Way to Go – NASFAA
While it’s difficult to paint one clear picture of the impact the ongoing pandemic has had on the financial state of colleges and universities across the country, it’s evident that without the federal aid they have received throughout the past year, the situation would be much more dire than what it is today.
A virtual panel discussion hosted by the Bipartisan Policy Center (BPC) on Thursday broke down both the current and long-term impact the coronavirus is having on school’s finances, noting just how varied the situations are across various higher education sectors.
Experts agreed that the financial outlook institutions are currently facing is heavily dependent on their stability before the coronavirus hit, adding that the pandemic has further exacerbated the disparities that already existed.
For some institutions, the federal relief packages allocating billions to higher education have been enough to offset losses, said Belle S. Wheelan, president of the Southern Association of Colleges and Schools Commission on Colleges (SACSCOC). For others, it hasn’t been nearly enough.
“Definitely had the federal dollars not come through, our institutions would have been up a creek without a paddle. No doubt about it,” she said.