A Guide for Underfunded Colleges and Universities
Economic uncertainty has left many schools with too many fiscal responsibilities and insufficient funding.
Schools that want to increase their funding must look into alternative revenue streams and expanded learning opportunities. These may include providing diverse learning opportunities through sponsorship or grant or maximizing available space by expanding event centers and venues.
Make your niche marketable by working on it.
Every college and university has a specialty for which it is well-known. Whether your expertise is in research, teaching, or another field, you can use it to increase your funding by investing in new educational outlets. Provide summer programs for high school students as well as continuing education for seniors.
Reimagine and resell college education experiences
Previously, a college education was the ticket to higher-paying jobs with more perks. Students who earned a degree had demonstrated their ability to devote years of study, and they emerged with a foundation in rhetoric, philosophy, mathematics, science, and history. Their conventional studies resulted in a conventional degree.
For some students, the traditional course of study may no longer be relevant, especially if they want to supplement their expertise.
Colleges and Universities that are underfunding can increase funding by providing continuing education experiences that will assist older students in either retraining for new careers or sharpening their skills in the ones they already have.
Use awe-inspiring alternatives.
Some schools have been able to think outside the traditional academic box to avoid being underfunded:
Hendrix College (Arkansas) sells columbarium space for deceased alumni’s ashes.
Troy University (Alabama) contracted with a concession firm to serve alcohol at athletic events and receives 43% of the proceeds.
Crowdfunding for special projects is encouraged at the University of Iowa.
Colleges and universities can create their own survival guides if they are willing to consider tried-and-true alternatives such as online courses, as well as innovative ideas such as providing extra nonacademic services.
If under-resourced colleges and universities do not implement revenue-increasing survival strategies, they may find themselves out of the education business.
Provide online courses
Students of all ages are eager to continue their education, and online courses make it easier for them to do so for their degree program, professional development, or leisure.
With over one billion iTunes downloads and millions of students regularly accessing classes through online vendors such as Coursera and Udemy, the online course market has grown at an exponential rate.
A low-income college or university can enroll a large number of students in online courses without having to worry about building capacity or the number of full-time professors needed to handle the course loads.