Monday, July 8, 2024

‘We can’t cut anymore’: Can colleges recover from the gut-punch of inflation? - Ben Unglesbee, Higher Ed Dive

When the small, nonprofit University of Saint Katherine announced it would close this spring, the president of the California-based institution placed partial blame for its cash crunch on “extraordinary inflation.” Saint Katherine is hardly alone in that lament. Over the past few months, Pittsburgh Technical College, Delaware College of Art and Design, Wells College and Goddard College also cited inflation or rising costs when announcing decisions to fold their institutions. Even colleges and universities on somewhat better footing are feeling the pain of inflation. A recent budget proposal by University of Minnesota’s interim president included some form of the word “inflation” 25 times, citing increased costs for food, services and labor, among other things.