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Western Illinois University announced 36 job cuts in June and an
unspecified additional number in early August.
Bradley University eliminated more than 60 jobs and 15 academic
programs last December.
Eastern Illinois recently announced a credit upgrade from
Moody’s. EIU previously was one of at least seven Illinois
colleges to have junk credit ratings in the past 10 years.
MacMurray College of Jacksonville closed in 2020.
Scott Hegerty is an economics professor at Northeastern Illinois
University and president of the Illinois Economics Association.
He said part of the issue is a national trend of people not
seeing the value of college, although it is a trend he does not
agree with.
“Part of it is that there are fewer students. Part of it is that
people think that maybe college is getting too expensive and
they can achieve their goals more cheaply. Within Illinois, I
think those same demographics hold,” Hegerty said.
Hegerty told The Center Square private schools are hit hard when
they have smaller than expected classes. Public colleges have a
different challenge.
“State schools are a little bit more insulated because they get
state appropriations, but those have taken hits over the years,”
Hegerty said.
Hegerty said smaller budgets mean less faculty. He said colleges
may have to focus more on education and less on non-academic
programs.
Hegerty referred to the concept of a consumption bundle. He said
some people want to see a good football team, but others want a
certain program or degree.
“More and more schools might have to focus more on the education
side, because I think students are getting a little more wary
about going into huge amounts of debt. We know that college
costs have outpaced regular inflation. CPI, average inflation is
high, but college education inflation is much higher,” Hegarty
explained.
Hegerty said colleges may need to adjust as people look more at
the higher education component and less at frills.
High costs and debt payments are especially high for students in
Illinois. According to U.S. News, Illinois placed 42nd out of 50
states for low debt at graduation and 48th of 50 for tuition and
fees.
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