Weekly Market Update
RECENT NEWS BRINGS ATTENTION TO THE COLLEGE ADMISSIONS PROCESS
Thursday, March 14, 2019
A nationwide admissions scandal captured headlines and sent shock waves through the higher education community this week. The U.S. Justice Department indictment accuses dozens of high-profile parents of making payments to the nonprofit arm of a college preparatory business that rigged standardized tests and bribed college coaches to guarantee admission for their children. The case exacerbates existing systemic concerns, including athletic and legacy preference, as well as the influence of wealth. Revelations that students were instructed to feign disabilities to qualify for testing accommodations have riled advocates for children with legitimate learning challenges.
In Other News
- President Trump released a budget proposal on Monday that includes a $7.1 billion, or 12%, cut to U.S. Department of Education funding for fiscal year 2020.
- To combat a shortage of nurses in northeast Ohio, Kent State University and University Hospitals are collaborating to offer more clinical opportunities and giving $12,000 to selected seniors, contingent on the students working for at least two years at the hospital upon graduation.
- The University of Maryland University College, the nation's largest online public university, will rename itself and plans to spend $500 million on marketing with a goal to expand its reach beyond Maryland, Virginia and Washington D.C. and become a national university.
- St. Louis University plans to sell 14 acres located between its north and south campuses to a real estate development firm. The firm will build an 850,000 square foot mixed-use project on the site. SLU has significant control over the development, including the provision of tax incentives, due to an arrangement it had previously negotiated with the City of St. Louis.
- Four nonprofits in Virginia received $5.5 million in donations from Santara Healthcare, a nonprofit healthcare organization, and Optima Health, a health insurance agency, to help communities prepare for increases in Medicaid patients.