A Survival Guide for Underfunded Colleges and Universities
Economic uncertainty has placed many schools in a situation of having too many fiscal responsibilities and not enough funding.
Schools wanting to increase their funding will need to explore alternative revenue streams and broadened opportunities for learning. These may include offering diverse learning opportunities through a sponsorship or grant, or maximizing available space by expanding event centers and venues.
Work your niche and make it marketable
Every college and university has a niche for with which it is known. Whether your expertise lies in research, teaching or some other area, you can use that niche to help you increase your funding by investing in new avenues of instruction. Offer summer programs for high school students and continuing ed for seniors.
Rethink and remarket college education experiences
At one time, a college education was the ticket to better paying-careers with more perks. Students who earned a degree had proven they could commit to years of study, and they emerged with a background in rhetoric, philosophy, mathematics, science, and history. Their traditional studies earned them a conventional degree.
The traditional course of study may no longer be relevant for some students, especially if they are looking to augment their skills.
Underfunded colleges and universities can increase funding by offering continuing education experiences that will help older students either retrain for new careers or sharpen their skills for the one they are in.
Offer online courses
Students of all ages are hungry for continued learning, and online courses make it more convenient for them to access courses for their degree plan, professional development, or leisure.
The online course market has experienced exponential growth, with more than one billion iTunesU downloads and millions of students regular accessing classes through online vendors like Cousera and Udemy.
An underfunded college or university can enroll vast numbers of students in online courses without worry for building capacity and number of full-time professors to handle the course loads.
Adopt eyebrow-raising alternatives
Some schools have been able to think far outside the traditional academic box to save themselves from becoming underfunded:
- Hendrix College (Arkansas) sells columbarium space for the ashes of deceased alumni.
- Troy University (Alabama) hired a concession company to sell beer at sporting events; the university rakes in 43% of sales.
- University of Iowa encourages crowdfunding for special projects.
Colleges and universities can write their own survival guides if they are willing to consider alternatives tried and true, like online courses as well as creative ideas like offering additional nonacademic services.
If underfunded colleges and universities do not adopt survival tactics for increasing their revenue, they may find themselves out of the education business.