Small Private Colleges Getting By In Tough Economic Time
Public institutions like UK get millions every year from the State Government, however due to the economy and lack of government dollars, many of those colleges are left having to make cuts or raise tuition to shore up their budget shortfalls.
Private schools don’t receive any direct funding from the government. Most of their funding comes from tuition rates that are normally higher than most public schools and donations, endowments and grants.
Administrators at the private schools says they’re used to having to be more creative in finding ways to raise funds, often times developing stronger relationships with alumni and businesses who partner with the colleges.
The smaller schools are also offering more classes and degrees online, which increases enrollment without much of the cost of residential students.
School officials say they have had to "tighten their belts," specifically with staff and faculty who in some cases have not seen raises in years now.
Officials say many of the faculty understand the hard economic times all higher education institutions are facing and are willing to make the sacrifice for the greater good of education.