Nowhere to Turn
Kevin Kiley,
Ignatia Webs,
Jan 21, 2013
A while back I wrote something along the lines of, "the financial crisis for higher education is slowly developing, through when it arrives it will seem like it happened overnight." Well, it's just about dawn, according to this article describing a Moody'sreport saying essentially that traditional revenue streams for the sector are drying up and will not return. "Most universities will have to lower their cost structures to achieve long-term financial sustainability and to fund future initiatives." Aside from some capital savings, a lower cost structure means fewer jobs, especiallygood jobs for academic professionals. But the other, more progressive, response is to see how the system can serve a much larger number of students. It won't eliminate the cost pressures, but students would find it much more affordable and governments would find it much more difficult to put the squeeze on.
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