More College Closures Ahead?
The closure of a college is a relatively rare event; in recent years, about five colleges per year have closed their doors. A recent report by Moody’s Investor Service, however, predicts that about three times that many college closures will occur in the next few years (You can read more about the Moody’s report here.)
Fifteen closures per year isn’t exactly an epidemic (it represents about .65% of the 2,300 colleges in the U.S.). However, a disproportionate number of those closures will be among small private colleges.
It will come as no surprise that the solutions for these small colleges—the immediate solutions, anyway—will come from the admissions office. The schools that we serve at 5 Degrees often tend to be tuition-dependent, not having large endowments to help them weather declining admission. The problem is two-fold. Softer demand doesn’t just mean fewer incoming freshmen; it also means that the freshmen who do enroll are getting deeper discounts. That double-whammy makes it hard for tuition-dependent colleges to make the kind of investments that make the admission office’s job easier.
So it’s more important than ever that admissions offices strengthen demand by communicating their distinct messages to prospective students and their families. Don't just blend in with the typical "you're a name, not a number" messaging, but truly differentiate what makes your institution unique. The future of your school depends on it.
As you consider your next set of messaging and recruitment materials, 5 Degrees is here to help.