NEPC’s Kristin Reynolds was quoted in a recent CNBC article to discuss why some smaller colleges and universities might be closing their doors even amid a surge in applications. View the article on CNBC’s site here.
Citing inflationary pressures and sinking enrollment, more colleges are set to close in 2023.
Already, Presentation College in Aberdeen, South Dakota; Cazenovia College in Cazenovia, New York; Holy Names University in Oakland, California; and Living Arts College in Raleigh, North Carolina, announced they will shut down after the current academic year.
The consequences of fewer students and less tuition revenue since the start of the pandemic have been severe, according to Kristin Reynolds, a partner and leader of NEPC’s Endowments and Foundations practice.
“Larger institutions can weather the storm,” she said.
. . .
“The largest endowments are able to support their schools a little bit more,” Reynolds said. “These colleges are continuing to attract students through scholarships and that makes them more competitive.”