July 17, 2024

The Next Financial Blow

Author: Ray Schroeder
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Kery Murakami, Inside Higher Ed

“Higher education is often considered the balancing wheel of state budgets,” said Harnisch. “And if history is any indication, higher education is going to be at the front lines of the economic fallout from coronavirus.” And higher education is already taking hits from state cuts. Expecting deep losses in revenue, New Jersey governor Phil Murphy last month froze $920 million in state spending for the remainder of the state’s budget year, which ends Sept. 30​, including $122 million for public colleges and universities. The cuts represent half the funding the colleges were supposed to get from the state in the next three months.


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