It wasn’t that long ago that the majority of Americans believed that going straight into college after high school was the only way to progress and a sure fire way to succeed in achieving the American dream. In recent years, however, this notion has shifted significantly. Higher education offers promises that it simply has not been able to fulfill, and students and parents alike are growing weary of the financial burden and the poor ROI.
The common issues with higher education have been growing and for many years, but as with so many other “common” issues, the COVID pandemic only highlighted everything and caused Americans to actually change course. Some of the COVID factors that contribute to the changes we’re seeing are the sudden switch from physical to remote, as well as the rapid rise of inflation causing serious financial strain.
These and other already present deterrents against attending a four-year college have all contributed to a drop of one million enrollees since prior to the pandemic began in 2020. Students and their benefactors are taking other routes to success, such as trade school and entrepreneurialism, and the idea that college is a must is quickly decreasing in popularity.
All of this has obviously put a significant financial strain on colleges. They aren’t receiving the revenue they need to keep operating at the same capacity, or sometimes to keep their doors open at all. Students who are looking into colleges need to be aware of whether or not a school is in serious financial peril and could close its doors sooner than later.
For those who are already enrolled in a financially unstable school, or who have already experienced a school closure, legal advice should be seriously considered. Credits can be transferred and federal loans may be canceled for a limited time, but all of this can be complex to handle and should be done so with the advice of someone who is familiar with the legalities of the situation. Learn more on why colleges are going out of business in the infographic below: