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Universities, Colleges In Colorado Concerned About Tuition Drop Due To Coronavirus

DENVER (CBS4)- Colorado's colleges and universities are worried about big drops in enrollment and big cuts in funding as a result of the coronavirus crisis.

"We are making some pretty good guesses and planning for some difficult scenarios," says Ken McConnellogue, Vice President for Communications at the University of Colorado.

University of Colorado
University of Colorado Boulder (credit: CBS)

He says the university has lost $274 million in the last two months. It's not alone. Together, the state's higher education institutions estimate losses of between $374 million and $990 million over the next year depending, in part, on when students are able to return to campus and how many decide not to return at all.

"If we do see declines, which has ripple effects on residence halls, dining halls, parking," says McConnellogue.

Some schools are already anticipating a 30% drop in international students. Colorado State University Chancellor Tony Frank says they raised tuition to climb out of the last recession, "The idea that we would use the same tools going forward, like raising tuition, just isn't a viable option."

university college coronavirus tuition federal aid
(credit: CBS)

McConnellogue says CU also won't raise tuition. Yet, the universities are bracing for up to a 17% cut in state aid. The ramifications go beyond education. Nearly 90,000 Coloradans work in higher education. It's the state's third largest employer.

"That job ratchet that we talk about is 2.3, maybe 3 jobs in the community for each job at the university, when the university loses jobs, that ratchet spins in the opposite direction and we drive unemployment in a very negative way," says Frank.

Nationwide, he says, universities employ 2.4 million people. Yet, while they got $14 billion in federal aid, the airline industry, which employs 750,000 got $50 billion.

colorado state university csu
(credit: CBS)

Frank says Congress needs to step in and fast, "We've started to see reports of places that survived the Civil War and Great Depression that are not able to make it through this particular crisis."

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