The Financial Consequences of Coronavirus on Colleges and Universities

The American Council on Education (ACE) and other associations representing higher education institutions sent a letter to Congress last week stating that the financial hit of the COVID-19 pandemic on college and university budgets has been even worse than feared, Inside Higher Education reports.

From Inside Higher Education: "The letter sent by the American Council on Education and 45 other higher education groups to Democratic House Speaker Nancy Pelosi and Republican House minority leader Kevin McCarthy comes as House Democrats are planning to vote, possibly this week, on another bid to try to dislodge the stalemate over additional aid... In the letter, the groups say that far more is needed than the $27 billion contained in the HEROES Act or the $46.6 billion the groups had previously sought. Even in requesting the $46.6 billion, the higher education groups had estimated the cost of lost revenue and of reopening campuses to be $120 billion. But groups said they are upping their request as they have seen a bigger toll than anticipated."

Read the full letter here.