Unfortunately, colleges sometimes face financial difficulties. These financial problems may affect you or your student negatively by resulting in layoffs of professors and other personnel, removal of majors, increase in tuition, reductions in merit aid, college mergers, or college closures. One way to stay abreast of possible current or future financial problems at private universities is to follow the annual Forbes financial stability ratings.
The University of Arizona and West Virginia University are currently facing financial difficulties. At the University of Arizona, the president indicated in late February that there would likely be layoffs as one measure to deal with its $177 million deficit. West Virginia University recently raised tuition by about 3%, discontinued 28 majors, reduced the number of faculty by 143, and combined two colleges to deal with financial difficulties.
Nearby, Cabrini University announced it will close at the end of this school year; Saint Joseph’s University is providing admission for Cabrini University students. In 2022, the state-run Pennsylvania State System of Higher Education merged six of its 14 universities. In October 2023, The College of Saint Rose announced it would be closing; the college shrank from 4,004 students in the fall of 2019 to 2,800 in 2022. At the end of 2021, Becker College closed after 200 years; its approximately 1000 students ended up at colleges, including Assumption University, Clark University, Worcester State University, and Worcester Polytechnic University.
In New Jersey, William Paterson University made layoffs in late 2021 due to a $30 million budget deficit, and New Jersey City University declared a fiscal emergency in June 2022.
