Weekly Market Update
STATE FUNDING FOR HIGHER EDUCATION IMPROVES
Thursday, January 24, 2019
State spending on higher education for fiscal year 2018-19 grew almost 4% over 2017-18, according to the Grapevine survey released on Monday. The survey, compiled by the Center for the Study of Education Policy at Illinois State University and the State Higher Education Executive Officers, found wide variations in states' support for their colleges during the current fiscal year. Half of all states reported increased higher education spending of more than 3%, with Colorado showing the largest gain at 12%. Eighteen other states had spending increases of less than 3%, and five states reported spending decreases, led by South Carolina with a drop of 3.7%. A handful of large states accounted for most of the nationwide increase, with California, Colorado, Florida, Georgia, Illinois, New York, North Carolina, Virginia, and Washington accounting for nearly 70%.
In Other News
- Green Mountain College officials announced Wednesday that the school would close at the end of the academic year due to declining enrollment. The Poultney, Vermont school also announced that Prescott College in Arizona has agreed to enroll students who want to finish their degrees in the same area of study.
- The Massachusetts Board of Higher Education announced plans to screen all private nonprofit colleges' finances in order to protect students from unexpected college closures, aiming to provide students with 18 months' advance warning.
- A report from the Modern Language Association shows colleges closed more than 650 language programs from 2013 to 2016. Among the causes are declining enrollments in language classes, reduced government funding for international education, and ripple effects of the 2008 recession.
- The University of Virginia announced the launch of an interdisciplinary school of data science with the help of a $120 million donation, the largest private gift in the institution's history. The gift came from a foundation funded by Jaffray Woodriff, co-founder of Quantitative Investment Management, a hedge fund. The school will offer undergraduate and graduate degrees and certificates to help meet the growing demand for data scientists.