Depending on how you “count” them, anywhere between 15 and 40 brick-and-mortar colleges either shut down or merged this year, unfortunately.
Even worse, Bloomberg says “hundreds of US colleges are poised to close in the next decade.[1]
You see, since 2020, the traditional higher ed industry has been experiencing nothing short of an “Edu-Pocolypse”. And there’s perhaps a very simple reason as to why. More on this in just a moment.
First…
We can add another brick-and-mortar institution to the “closed for business” list. Earlier this week, Indianapolis’ Martin University said it will be pausing operations at the close of this semester.
Auditors for the school said, “The University has seen enrollment declines during the COVID-19 pandemic. While the enrollment has stabilized, it has not returned to the pre-pandemic levels the University once saw.
“The University has incurred additional liabilities during the year due to the results of additional borrowings deemed necessary by management and the Board of Trustees for operations, including the use of restricted funding for operational needs.”[2]
In simpler terms, the school is unable to pay its bills… since it hasn’t been effective at attracting new students, who effectively pay its bills.
This is exactly why, in this editor’s opinion, hundreds more schools will shutter in the coming decade, as per Bloomberg.
They’ve been simply awful at attracting new students… students who effectively pay the schools’ bills.
But even though traditional higher ed is having a rough go of it, primarily online institutions are performing, relatively speaking, quite well. If you operate a primarily online institution, hopefully you’re experiencing growth right now.
Now, perhaps the main reason why your online institution is growing, hopefully, is this: Primarily online institutions not only offer more flexibility to potential students, and often offer more competitive rates on credit hours…
But they’re doing a much better job of marketing their programs to new students. Especially adult learners: those of us who are already in the workforce but want to better our situations by earning degrees.
Last week, we wrote to you, “In the US, the (online college) market is experiencing “substantial” momentum. 61% of US students now opt for either hybrid or fully online classes, with 62% of online students accessing class via mobile devices.”
But remember, while online higher ed is now experiencing a “field day,” chances are this won’t last forever…
Because more and more competition is entering the game. And our population is not growing.
Back to what we wrote you last week…
“Estimates show that the US population is only growing at a 0.5-1.0% rate. Meaning more schools are competing for a relatively unchanged number of new prospective students.
“Survival in this competitive market comes down to enrolling and retaining as many qualified students as possible.”
So, even if you’re reaching enrollment goals now, don’t rest on your laurels…
Because the crunch is coming.
And this is precisely why you need to increase your enrollment goals, now.
And precisely why you should consider partnering with Conversion Media Group to help you reach those new goals.
In simple terms, students pay your schools bills, and you need a continual influx of new enrollees to not only survive in this competitive market, but to thrive in it.
Give us a call at 1-800-419-3201 and one of our online college enrollment initiative experts we’ll explain exactly what we can do for you.
[1] Hundreds of Colleges Poised to Close in Next Decade, Expert Says – Bloomberg
[2] Martin University Inc – Audit for period ending Jun 2024 – Nonprofit Explorer – ProPublica