OT: College enrollment and financial issues?

NotInRHouse

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Leonard23

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Madison is buying land from Drew:

"Under the purchase agreement the Borough of Madison will acquire the 47.3-acre Drew Forest Preserve to ensure its protection in perpetuity. In addition, the settlement provides for the sale of other surplus university land to support the development of multi-family, inclusionary residential housing, and includes the Borough’s acquisition of the Madison House property."

 

NotInRHouse

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Madison is buying land from Drew:

"Under the purchase agreement the Borough of Madison will acquire the 47.3-acre Drew Forest Preserve to ensure its protection in perpetuity. In addition, the settlement provides for the sale of other surplus university land to support the development of multi-family, inclusionary residential housing, and includes the Borough’s acquisition of the Madison House property."


Other than Stevens and perhaps Princeton, the NJ private school on the priciest piece of real estate. I wonder what the future of the school is.
 

Leonard23

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Ithaca had a 27% decline in undergrad enrollment the past 6 years from 5,852 in 2019 to 4,268 in 2025, and is having budget issues.


 

RUTGERS95

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Ithaca had a 27% decline in undergrad enrollment the past 6 years from 5,852 in 2019 to 4,268 in 2025, and is having budget issues.


too many colleges, not enough trade programs but most importantly, too many kids that should not be going to college do
 

newell138

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too many colleges, not enough trade programs but most importantly, too many kids that should not be going to college do

 

Leonard23

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Retired711

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This sounds like an expansion effort that failed, and that GW is going to focus its resources on its core campus in the Foggy Bottom neighborhood in D.C. That makes sense to me. Perhaps other schools should be thinking about similar steps.
 

rucoe89

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For a while many from Northeast were going to North Carolina. Many in North Carolina were none to happy about it because they felt seats were being taken by out of state folks at the expense of their children and the taxes they paid. Many in North Carolina folks ended up going to South Carolina where competition for seats was much less. For now its not hard to get into any South Carolina schools but over time that may change as more in state kids decide they may want to go to college.
 
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Will Scarlet

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Ithaca had a 27% decline in undergrad enrollment the past 6 years from 5,852 in 2019 to 4,268 in 2025, and is having budget issues.


Missed this post last month. Ithaca College's situation is part of a greater trend in solvency concerns at many lower and mid-tier private colleges that have long proliferated in Upstate New York (WNY, CNY, North Country, Southern Tier and the Capital District) Although not well known outside New York, over the last couple years Cazenovia College, the College of Saint Rose, Wells College and Medaille College have all closed. Siena College and Elmira College are known to be in trouble and may, or may not, survive. Ithaca College will likely hang-on. But, the college was founded on the strength of its Music Department and until recently, Education was its largest Department. Both programs were essentially eliminated during the pandemic. An over-emphasis on STEM may actually be depressing enrollment at a college long considered a bastion of the liberal arts. Applications to New York's most prestigious colleges and universities continue to climb and, despite an across-the-board drop in enrollment at most SUNY colleges during the pandemic, numbers stabilized and have incrementally increased at most schools. Unfortunately, it appears that there are simply too many expensive, underwhelming private colleges in the more rural portions of the State. It seems likely that a number of other similarly-situated New York private colleges will also close. It will be interesting to see if the extinction continues father up the chain to impact venerable higher-tiered institutions like St. Lawrence, Clarkson, St. Bonaventure, LaMoyne or, possibly, even Bard or RPI.
 

Retired711

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Missed this post last month. Ithaca College's situation is part of a greater trend in solvency concerns at many lower and mid-tier private colleges that have long proliferated in Upstate New York (WNY, CNY, North Country, Southern Tier and the Capital District) Although not well known outside New York, over the last couple years Cazenovia College, the College of Saint Rose, Wells College and Medaille College have all closed. Siena College and Elmira College are known to be in trouble and may, or may not, survive. Ithaca College will likely hang-on. But, the college was founded on the strength of its Music Department and until recently, Education was its largest Department. Both programs were essentially eliminated during the pandemic. An over-emphasis on STEM may actually be depressing enrollment at a college long considered a bastion of the liberal arts. Applications to New York's most prestigious colleges and universities continue to climb and, despite an across-the-board drop in enrollment at most SUNY colleges during the pandemic, numbers stabilized and have incrementally increased at most schools. Unfortunately, it appears that there are simply too many expensive, underwhelming private colleges in the more rural portions of the State. It seems likely that a number of other similarly-situated New York private colleges will also close. It will be interesting to see if the extinction continues father up the chain to impact venerable higher-tiered institutions like St. Lawrence, Clarkson, St. Bonaventure, LaMoyne or, possibly, even Bard or RPI.
St. Bonaventure has the highest enrollment it has ever had, and so it seems to be OK. It chose to invest in facilities that would attract students rather than cut the budget. Bard and RPI both have financial challenges, but both are located in the Hudson River Valley, by far the most attractive part of upstate New York. I wouldn't be inclined to worry about any of these schools. But the lower tier schools should be concerned.
 
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Retired711

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St. Bonaventure has the highest enrollment it has ever had, and so it seems to be OK. It chose to invest in facilities that would attract students rather than cut the budget. Bard and RPI both have financial challenges, but both are located in the Hudson River Valley, by far the most attractive part of upstate New York. I wouldn't be inclined to worry about any of these schools. But the lower tier schools should be concerned.
BTW, Siena claims to be doing fine. https://www.siena.edu/news/story/siena-university-is-financially-strong-and-building-for-the-future/
 

Will Scarlet

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I agree that it's unlikely that any of the semi-prestigious private New York colleges (those institutions commonly known to others beyond just a few counties) will go under, if for no other reason than that they have the resources to survive, even if it means spending down the principal on endowments. However, I also have good reason to suspect that there are far more institutions on the proverbial bubble with respect to sustainability than most are aware. Educational institutions, like most charitable entities, are notoriously slow to accept financial realities and adverse to addressing them until it's too late.

Bard and RPI have more than the resources necessary to survive. Still, Bard will soon need to confront major Epstein File concerns with fundraising superstar, President Leon Botstein, and RPI is nationally-known for its record of administrative excess and financial mismanagement. Schools like St. Bonaventure might actually receive a boost by virtue of the elimination of lesser competition. In the Capital District, Siena (which, despite representations, is NOT doing well) temporarily benefited as a consequence of student spill-over from the closure of St. Rose. Just as Marist in Poughkeepsie would likely benefit from Siena's closure. These schools all traditionally competed with each other for similar students.

Either way, it's certainly the smaller, less prestigious institutions without sufficient endowed funds that will go first. These colleges are overly reliant on tuition dollars at a time when enrollment has declined and is, at best, stagnant for circumstances beyond their control at the same time as operational costs have exploded with inflation. It's the little guys like Keuka in the Finger Lakes, Hartwick in Oneonta, Paul Smith's in the Adirondacks and Mount St. Mary's in Newburgh that should worry the most. .
 
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mdk02

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RPI has a more prestigious reputation nationwide than Bard. Much less likely to go under.
 

Retired711

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RPI has a more prestigious reputation nationwide than Bard. Much less likely to go under.
RPI has an excellent reputation -- there aren't many polytechs. Bard is a very different kind of school -- a lot of artsy types go there. (An example is the rock composer Billy Steinberg, who wrote Madonna's Like a Virgin and Linda Ronstadt's How Do I Make You.) George Soros gave Bard a lot of money a few years ago and its endowment is now $1 billion -- I suspect it will still be there after its president, Leon Botstein, loses his job for his association with Epstein. It's the littler schools with worse locations that will go under.
 

Retired711

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Retired711

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The article doesn't mention how it's funded. The quirk is the public-private but normally the financing is usually at least partially in place
Rowan takes chances on funding that Rutgers would never take. That can be both good and bad, of course.
 

kupuna133

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The article doesn't mention how it's funded. The quirk is the public-private but normally the financing is usually at least partially in place
It’s funded by the South Jersey political machine. Norcross and crew have been pumping money into Rowan for 20+ years.
 

mdk02

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Rowan takes chances on funding that Rutgers would neverr take. That can be both good and bad, of course.

Rutgers and almost every other college/university. The only difference is the public-private. Or maybe the article just missed it.
 

Retired711

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The article doesn't mention how it's funded. The quirk is the public-private but normally the financing is usually at least partially in place
There's a story about it in today's Philadelphia Inquirer, but it's behind their pay wall. Rowan is putting up land that it purchased 25 years ago and that it has resisted selling for warehouse construction. The private developer will invest $60 million. The plan envisions that the project will get up to $400 million in state tax credits under a program established in 2020 that does not seem like it was specifically designed for any particular area of the state.

Rowan has doubled enrollment in the last dozen years. I don't know of anything that would indicate that Rowan has been getting anything much from the state in special treatment, but maybe I'm wrong. For the last few years, there's been a special "outcome based allocation" in the state budget allocation for higher education, but Rutgers has been the primary beneficiary because of its proportion of low-income students. Rowan is aggressive in South Jersey; Rutgers hasn't been.

BTW, it's not yet clear whether Governor Sherrill will support the project, although my guess is she will. She has been talking a great deal about aid to South Jersey (for instance, to build light rail between Glassboro and Camden, a project that's been in development for more than a decade, and that's needed a lot more than the River Line), but it's also clear she wants to restrain state spending because of the growing structural deficit in NJ spending. (As seems typical, the outgoing governor left a fiscal mess to his successor.) Her budget address is today.
 
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mdk02

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There's a story about it in today's Philadelphia Inquirer, but it's behind their pay wall. Rowan is putting up land that it purchased 25 years ago and that it has resisted selling for warehouse construction. The private developer will invest $60 million. The plan envisions that the project will get up to $400 million in state tax credits under a program established in 2020 that does not seem like it was specifically designed for any particular area of the state.

Rowan has doubled enrollment in the last dozen years. I don't know of anything that would indicate that Rowan has been getting anything much from the state in special treatment, but maybe I'm wrong. For the last few years, there's been is a special "outcome based allocation" in the state budget allocation for higher education, but Rutgers has been the primary beneficiary because of its proportion of low-income students. Rowan is aggressive in South Jersey; Rutgers hasn't been.

BTW, it's not yet clear whether Governor Sherrill will support the project, although my guess is she will. She has been talking a great deal about aid to South Jersey (for instance, to build light rail between Glassboro and Camden, a project that's been in development for more than a decade, and that's needed a lot more than the River Line), but it's also clear she wants to restrain state spending because of the growing structural deficit in NJ spending. (As seems typical, the outgoing governor left a fiscal mess to his successor.) Her budget address is today.

Funny thing about light rail. 70 years ago there was light rail in Eastern Bergen County (Tenafly, Englewood including a stop at Englewood Hospital. Leonia. Palisades Park, the Meadowlands) down to Hoboken & PATH. It shut down though the tracks still exist. There have been proposals at various time to revive it. Never gets through Trenton.
 

bigmatt718

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It’s funded by the South Jersey political machine. Norcross and crew have been pumping money into Rowan for 20+ years.
Which means Rowan will be on the hook for some unsavory bureaucratic stuff if the enrollment cliff hits them hard in about a decade or so. In this state I always side eye money coming in from Trenton.
 

kupuna133

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Which means Rowan will be on the hook for some unsavory bureaucratic stuff if the enrollment cliff hits them hard in about a decade or so. In this state I always side eye money coming in from Trenton.
Agree. NJ politicians, moreso than most pols, do not send money without a quid pro quo
. The thing is Norcross usually gets a pass on his pet projects. Because he is not “Trenton”. He insulates himself quite well. Look at the fact he walked on his last criminal case. He’s untouchable.
 

Retired711

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There's a piece in today's Chronicle of Higher Education (again, behind a pay wall) by a researcher who did an extensive analysis of fiscal problems at colleges and universities. He identified three sources of stress -- constant deficits, declining enrollment, and declining income from endowments (private institutions) or appropriations (public institutions) and found that two-thirds of colleges and universities have one stress. A much smaller number of schools have more than one stressor, and some of these are already closing. He thinks that the coming decline in enrollments due to a decrease in high school graduates will cause about four to five colleges to close each year; this is more optimistic than other projections.

The piece has a table showing that Rutgers-New Brunswick has had four years of enrollment losses in the last ten years, and three years of appropriations losses, but only one year of operating losses. Enrollment has increased 5%. Camden and Newark have had nine and seven years respectively of operating losses and enrollment at each has declined by nine percent and five percent respectively. We will see what that means for Rutgers' plans for these campuses. Frankly (and I say this with regret as a retiree from the Camden-Law faculty), I wouldn't be stunned if Rutgers surrendered South Jersey to Rowan, an institution that has been, to say the least, much more dynamic over the past few decades than Rutgers-Camden. (The support of the Norcross machine has helped Rowan a lot, but I'm not convinced that it is the primary element in Rowan's success.)

I'm not endorsing this analysis, but I thought it was worth passing along.
 
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Retired711

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Funny thing about light rail. 70 years ago there was light rail in Eastern Bergen County (Tenafly, Englewood including a stop at Englewood Hospital. Leonia. Palisades Park, the Meadowlands) down to Hoboken & PATH. It shut down though the tracks still exist. There have been proposals at various time to revive it. Never gets through Trenton.
Sounds like a good project. Connecting to PATH is probably a god idea. BTW, I am old enough to remember the ads for Palisades amusement park, which, I'm told, closed because developers got local government to condemn it for high-rise condos. "Skip the traffic and skip the fuss/ Take a public service bus/ Public service sure is great/ It takes you right up to the gate!" It's amazing how much useless information I retain from my youth.
 

Retired711

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Which means Rowan will be on the hook for some unsavory bureaucratic stuff if the enrollment cliff hits them hard in about a decade or so. In this state I always side eye money coming in from Trenton.
Rowan has increased its enrollment so much over the past dozen years that they should be well-insulated from the enrollment cliff. But the analysis I summarized shows that their satellite campuses in Burlington, Cumberland, and Gloucester have had enrollment drops ranging from 24% to 34% over the past decade.
 

kupuna133

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Rowan has increased its enrollment so much over the past dozen years that they should be well-insulated from the enrollment cliff. But the analysis I summarized shows that their satellite campuses in Burlington, Cumberland, and Gloucester have had enrollment drops ranging from 24% to 34% over the past decade.
Heard discussion in Trenton a couple of years ago about Rowan moving their sports up to FCS. Will be interesting if this happens and if the state has an equal viewpoint of supporting that program.
 

mdk02

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Sounds like a good project. Connecting to PATH is probably a god idea. BTW, I am old enough to remember the ads for Palisades amusement park, which, I'm told, closed because developers got local government to condemn it for high-rise condos. "Skip the traffic and skip the fuss/ Take a public service bus/ Public service sure is great/ It takes you right up to the gate!" It's amazing how much useless information I retain from my youth.

A good idea that will never happen. At least twice in the last 25 years there was some planning towards a proposal that never went anywhere in Trenton.

BTW, the condos in Ft. Lee went up about 40-50 years ago. And I remember the ads
 

Retired711

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Heard discussion in Trenton a couple of years ago about Rowan moving their sports up to FCS. Will be interesting if this happens and if the state has an equal viewpoint of supporting that program.
That discussion seems to be continuing Rowan has been trying to find a developer to help it build a sports arena. But for the moment other projects (like this one) have higher priority.
 

Retired711

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A good idea that will never happen. At least twice in the last 25 years there was some planning towards a proposal that never went anywhere in Trenton.

BTW, the condos in Ft. Lee went up about 40-50 years ago. And I remember the ads
Couldn't the project mean that there would be mass transit from NYC to the Met Life stadium? Or is that too far from the existing tracks?
 

kupuna133

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That discussion seems to be continuing Rowan has been trying to find a developer to help it build a sports arena. But for the moment other projects (like this one) have higher priority.
Not talking about this construction project. Was talking about the state populous and the elected officials that complain about funding d1 athletics at Rutgers (falsely of course).
 

bigmatt718

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Rowan has increased its enrollment so much over the past dozen years that they should be well-insulated from the enrollment cliff. But the analysis I summarized shows that their satellite campuses in Burlington, Cumberland, and Gloucester have had enrollment drops ranging from 24% to 34% over the past decade.
Satellite campuses are being ravaged in terms of enrollment drops. I know PSU consolidated a bunch of their satellite campuses or outright closed them. In all honesty I couldn't fathom going to a Rowan satellite campus if I was a HS kid. it's Rowan main campus or nothing. Feel like the Rowan satellite campuses are glorified community colleges.
 
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NotInRHouse

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A good idea that will never happen. At least twice in the last 25 years there was some planning towards a proposal that never went anywhere in Trenton.

BTW, the condos in Ft. Lee went up about 40-50 years ago. And I remember the ads

NJT announced the expansion last year. It was held up because it was supposed to extend to Tenafly and they kept opposing it.


The condos he is referencing are in Cliffside Park, the Winston Towers, though it looks like the amusement park straddled the border with Fort Lee.

 

NotInRHouse

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Couldn't the project mean that there would be mass transit from NYC to the Met Life stadium? Or is that too far from the existing tracks?

No- the HBLR is set to go north into Bergen County. The area with MetLife is in Bergen but due west of the HBLR.


There is mass transit from Met Life into NYC. Right now it just requires a transfer at Secaucus. Secaucus is the first stop from NYC on most trains into NJ. Additionally, during events, there is a direct train from Met Life to Hoboken (with a stop in Secaucus) and then you can take the PATH or ferry into the city, but that service is unfortunately all too infrequent. After a concert last summer I had an obnoxious transfer in Secaucus to get back to Hoboken Terminal, despite how close it is.

Perhaps what you are thinking about was Bloomberg's proposal to expand the 7 train into NJ. Right now the 7 goes from the Javits Center to Flushing (and has a stop at Citi Field). He suggested bringing it across the Hudson with a stop somewhere in northern Hudson County (likely Union City) and Secaucus. Would allow someone to get from Queens or Midtown to Met Life with one transfer.

 

Fat Koko

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Rowan's prez is ambitious but Rowan, like many universities, has a mixed track record on real estate development. The university's former 220 acre campus was abandoned and left for dead. The land and buildings today are beneath worthless. Burlington County bailed out Rowan buy buying it all for $1 million, or $19,000 per acre. NJCU's president bankrupted the school through stupid real estate investments.

Looks like the Rowan Boulevard retail space is leased and apartments are working, driven by Rowan's enrollment growth. Let's see how Rowan does on another 205 acres it plans to develop. "Inspired by longevity research and Blue Zone principles, the Wellness Village will create a community of health-conscious living through activities, education, accessible health services and strong community engagement," says the press release. Apparently, Rowan aims to make everybody live to 100 in part by drinking wine every evening at 5pm.

Warehouses, data centers, and fancy housing seem a better fit than healthcare or manufacturing. Just look at the stock prices of big real estate companies. Prologis (warehouses), Digital (data centers), Toll Brothers (fancy housing) are all up over the past year. In contrast, Alexandria (healthcare) has plummeted. I know for a fact from Alexandria's CEO the company won't build healthcare real estate in New Jersey. Look at where the company invests. This trend began in late 1990s when Big Pharma decided to shift R&D out of suburban NJ into cities where really smart people wanted to live and work.

Last year, the state asked universities "do the institutions expect to take certain facilities offline?" The responses of Rowan and Rutgers were different. Rowan plans to build, build, build while Rutgers answered, "The institution remains committed, through regular assessment to reducing its footprint."



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