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Image: Facing a budget deficit of $5 million, Southern Oregon University is considering a realignment plan that will include deep cuts, which its president says are necessary to right the ship financially. The new president first learned about the depth of SOU’s budget woes during his third day on the job.
The Education Department on Tuesday unveiled the details of its planned overhaul of income-driven repayment, which could transform the financing of higher education by providing more generous student loan repayment and forgiveness terms. Over all, the changes are expected to have a net budget impact of $137.9
The federalgovernment’s COVID assistance played a critical role in temporarily sustaining institutions, particularly smaller colleges, which otherwise faced the risk of closure. Several large universities, including West Virginia University and the University of Nebraska Lincoln, faced significant budget cuts.
Department of Education, one of the federalgovernments smallest Cabinet-level agencies, operates programs across every level of education. In fact, less than 8% of public school revenue came from federal agencies, including the Education Department, before COVID-19 reached the U.S.
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