If you are a college student, family member or even college faculty, college senior Mary McGrath asks questions about the financial health of colleges on your behalf. She washes away all of the ancient beliefs offered by college counselors, admissions representatives and college marketing groups. Her questions are based on research she has done to get at the hear of the financial health challenges many private and public colleges face in this hyper-competitive and shrinking market.
Summary In this episode, Mary McGrath and Gary Stocker discuss the financial instability of colleges and its impact on reputation, alumni, and faculty. They highlight the importance of using tools like the College Viability App to assess the financial health of colleges before making decisions. They also discuss the annual revision of tuition and financial aid offerings, the lack of support systems for faculty and staff in the event of sudden college closures, and the differences between attending private and public institutions. The episode concludes with a discussion on the characteristics that distinguish higher-level institutions.
Here are the question Mary has for Gary Stocker (founder of College Viability) this week.
- Does the financial instability of a college have a negative effect on its reputation?
- (Following up) Can it have an effect on recent alumni when they are out looking for a job?
- How often does a college revise its tuition and financial aid offerings?
- Are there specific support systems in place for faculty and staff in the event of a sudden college closure?
- Is there a specific amount of time that institutions are required to give students and faculty before officially closing?
- What’s the biggest pro and biggest con to attending a private institution rather than a public one?
- Are faculty and staff more informed about the state of college’s financial situation than students and prospective students?
- What are the primary characteristics that distinguish a “higher level” institution?
Takeaways
- The financial instability of a college can have a negative impact on its reputation, but this usually happens after news stories or cutbacks are announced.
- Using tools like the College Viability App can help students and families assess the financial health and viability of colleges before making decisions.
- Colleges often revise their tuition and financial aid offerings annually, but many also offer tuition discounts to offset the increases.
- In the event of a sudden college closure, there are usually no specific support systems in place for faculty and staff.
- Attending a private institution may have pros such as alumni networks, but public institutions often have more college sports opportunities.
- Faculty and staff are usually more informed about a college's financial situation than students and families.
- Higher-level institutions are often distinguished by factors such as endowment size, rankings, and the ability to sell their product rather than buy studen
Chapters
01:53 Using the College Viability App to Assess College Financial Health
05:33 Faculty and Staff Awareness of College Financial Situation
08:14 Pros and Cons of Attending Private Institutions
09:40 Distinguishing Higher Level Institutions
Episode 14