Society’s view of higher education is experiencing a dramatic shift in many directions. People are starting to question whether college is worth the financial burden or if it is even needed. Some are concerned with the lifestyle college perpetuates with its students. Parents are challenging cookie-cutter academic routes and exploring other options for their children. If you work in higher education, there is a lot to be concerned about. Risk management professionals have been working overtime to handle and monitor these concerns. Here are the biggest issues colleges face today.
Financial Strength
The financials of higher education outlets have always been put into question. With the economic downturn looming and the rising costs of colleges seeing no end in sight, colleges will have to start questioning how they conduct themselves. A dramatic shift in dollar votes from big universities to in-state or trade schools could cause many universities to take major losses. Risk management professionals at universities need to start paying closer attention to market factors and how it affects recruitment. A lot of families are putting their foot down when it comes to financing higher education studies.
Athletics
For universities that pride themselves on athletics and use it as a proponent to fund their operations, athletics may start to get them in trouble. The NFL and NHL leagues are facing a lot of scrutiny regarding the health of their former athletes. Many lawsuits are being filed due to CTE-related illnesses that will result in a lot of damages being paid out. The NCAA is no stranger to scrutiny. It seems that every other year a scandal breaks out regarding illegal recruiting practices. A lot of former athletes are starting to seek damages for poor health protocols regarding athletics. Major lawsuits against the NCAA and universities can spell financial disaster quickly.
Sexual Assault Allegations
Sexual assault allegations appear frequently in the college landscape. Whether it is the party atmosphere or the illegal recruiting practices, sexual assault allegations can damage a university’s reputation and finances alike. Big-name universities like USC, Michigan State, Louisville, and many more have faced harsh penalties regarding sexual assault allegations. It really makes you wonder when a severe and widespread enough allegation collapses a university completely.
Higher Education’s Value
Lastly, the value of higher education is being questioned. Many jobs are not so bent upon where you go to college, which makes parents skeptical of sending their children to a big-name program. For some, big-name programs may not be the move anymore. Related back to rising education costs, the value will need to improve by leaps or the price needs to come down drastically. It is set in stone what route would be best or if a route for some universities is possible.
