Is Your College Going Broke?
Career College Central Summary:
Long Island University’s Post campus, was testing a new approach in its efforts to fill up the 250 or so empty seats it had in its class of 2017. The week of June 24 was “Express Decision Week” at LIU. High school seniors were invited to the Post campus, transcript, SAT scores and personal statement in hand, and LIU’s admissions officers promised to make an acceptance decision on the spot. All application fees would be waived, and registration for fall classes would be immediate. An identical event was being held simultaneously at LIU’s Brooklyn campus.
These admissions officers are selling the promise of a better life through post-secondary-school learning.
From a financial standpoint LIU is suffering from a host of ills common to hundreds of colleges today. According to the most recent financial data LIU has supplied to the Department of Education, its Post campus has been running at an operating deficit for three years. Its core expenses, or those essential for education activities, have been greater than its core revenues. Like many other schools, Post is a tuition junkie, with nearly 90% of its core annual revenues derived from tuition and fees.
Of course, LIU’s precarious financial position says little about the quality of the education it offers–judged as an ongoing business, Long Island University would appear to be severely troubled, struggling year to year to pay its bills. LIU recently hired a new president who is restructuring its operations.
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