THE IMPACT OF COVID-19 ON HIGHER EDUCATION
“Every university we have spoken to expects to be impacted by COVID-19 and for some, the potential loss of income is projected to be greater than 100 million pounds. And that is before you factor in that losing new students has a multi-year impact.”
Andrew Connors, Lloyds Banking Group
In the United States, more than 4,000 colleges and universities and 25 million students will be impacted by COVID-19. A loss of $46.6 billion in revenue is projected for the next academic year, according to the American Council on Education.
Because of the pandemic, Johns Hopkins University will not make contributions to employees’ retirement funds for a year.
The Canadian government plans to give college students and new graduates monthly stipends of 1,250 Canadian dollars, ($844) from May through August.
Southern New Hampshire University is offering free tuition to all incoming freshmen and plans to reduce tuition to $10,000, more than a 50 percent cut.
According to a PEW Research Report, the success of on-line outreach to international students depends on income. Students from wealthier countries are more likely to embrace digital technology. In Nigeria, for example, only 13 percent of Nigerians use the internet. Offering semester-long online instruction will be limited to international students from specific countries.
According to a report in The Chronicle of Higher Education, 91 percent of Indian students want to continue studying abroad even in COVID-19 lockdown.
40 percent of potential international students are considering changing their study abroad plans, an increase from 31 percent three weeks ago.
A survey of 415 fundraisers at 48 schools in the United States revealed that 43 percent don’t expect to meet their fundraising goals.
According to a recent report by the American Association of Collegiate Registrars and Admissions Officers, 60 percent of colleges and universities in the United States are considering or have already decided to remain fully on-line for the fall semester.
Australian officials estimate that the financial loss of international students’ revenue to be between $30b-$60b.
According to an IMF report published in Nikkee Asian Review, only emerging Asian countries will have economic growth in 2020.
According to the National Center for Education Statistics, 38 percent of first-time students transfer schools and on average they lose 43 percent of their credits, basically one semester, and pay an extra $36,000 for an undergraduate degree.
In an attempt to rethink the academic calendar, Beloit College in Wisconsin is breaking the “normal” semester into two modules with students taking two courses each.
On April 19, 2020, in Nikkee Asian Review, the following was reported: China and South Korea are surging ahead in the international brain race for world-class universities. China has already surpassed Japan in world rankings and is closing the gap with the United States. China has poured more than $20 billion in funding into more than 100 Chinese institutions. Funding is concentrated in STEM disciplines.
In this week’s issue of The New Yorker, a cartoon caption caught my eye.
“Good news – Shakespeare is using this time to write “King Lear,” so we’ll have more stuff to binge soon.”
Next update: May 26, 2020