Issue #57: Here's a rundown on the current college crisis

To safeguard themselves against fluctuations in funding and the economy, schools often rely on tuition as a revenue source. That’s even more true during the pandemic. As colleges reel from budget cuts, canceled events and enrollment drops, they’re leaning heavily on students for cash.

It may be necessary, but it’s still kind of unfair.

“We can't ask students and their families to continue to shoulder this burden while institutions insulate themselves from the effects of this recession,” says Joni Finney, professor of practice at the University of Pennsylvania. “They’re going to have to look at ways of providing more value to students during this pandemic or reduce the price.”

3. Test-optional is the new black.

The pandemic isn’t just screwing up college for current students. It’s also upending the admission process, as if that weren’t already stressful enough.

So far, the biggest casualty is standardized testing. Most spring and summer 2020 test dates for the SAT and ACT were canceled, thwarting many students’ plans to take the exams one or more times. As a result, over 60% of U.S. four-year colleges and universities have gone test-optional for fall 2021, meaning they will not require applicants to submit SAT or ACT scores in order to be considered for admission. 

Because colleges can’t use scores to evaluate students, we’ll likely see a shift toward a more holistic application process. In lieu of 1600 SAT scores, admissions officers will have to consider characteristics like empathy, problem solving and critical thinking — all of which are hard to measure.

“Flexibility is going to be the key ingredient here, especially at large universities,” Mayssoun Bydon, founder and managing partner of the educational consulting firm Institute for Higher Learning, tells me. “There’s going to be a contextual consideration of every applicant.”

(but please don't tell me you scrolled past all of my hard work)

Things are in flux, and if I were a college student or a high school senior, I would be losing my mind and/or mainlining White Claws to cope.

It’s not all bad news, though. In my reporting, I discovered that experts are optimistic about how the pandemic will shape higher ed going forward. Jayne Caflin Fonash, president of the National Association for College Admission Counseling, told me this is an opportunity to fix the already broken system. Coronavirus could end up making college more equitable and affordable.

"One of my favorite quotes is, 'Never waste a crisis,'" she adds. "It presents the opportunity to take a serious look at making the changes you've been thinking about for a long time, because the world is already turned upside down."

via GIPHY

check out this crazy celebrity purchase

via Instagram

Cardi B was so overjoyed with the success of “WAP” that she bought collaborator Megan Thee Stallion a Birkin bag. The custom purse features a painting of Megan, a tiger, the Houston skyline and a bunch of water droplets. On one side, there are also several multicolored dollar signs, which is relevant because Birkin bags run from $12,000 to $200,000. I guess there’s truly nothing in this world that Cardi likes more than checks.

five things I'm loving online right now

send me cute pictures of your pets, please

CREDIT: SHARON ZIMMER

Meet Max, an adorable pup who just got finished playing (hence the tongue). At 1 ½ years old, Max is a while off from going to pawllege, but he’s always planning ahead.

Aaand here’s one final plug for you to check out Money’s Best Colleges ranking.

See you next week.

Julia

P.S. I loved hearing about your favorite summer purchases last issue! Scholar Smith's best buy was a new air conditioning unit to help with the South Carolina summer heat. Scholar Barbara's was a Tertill weeding robot, which she says is revolutionizing her vegetable garden. Scholar Rachael's top purchase were some deluxe bath bombs from Bubbly Belle, and Scholar Nicole praised her roller skates for keeping her sane during lockdown.

P.P.S. Where did you go to college? How much did it cost you? What would you do if it started raining chocolate? Send me a note at julia.glum@money.com or @SuperJulia.