Colleges Fear Cost of Doing Business Will Become Much Costlier

It’s budget season for colleges and that could mean faculty and staff raises, money for new programs and improvements, and breathing room, or layoffs, cutbacks, and, in the worst cases, closure. For many colleges, budgeting in 2023 is tougher than ever, according to experts. Tuition-dependent private institutions and increasingly tuition-dependent public colleges are facing lower revenues, thanks to enrollments depressed by the pandemic and ongoing demographic shifts.