In 2022, fewer than 900,000 students will attend colleges in New York state, the lowest number in 15 years.
A new report on New York higher education by State Comptroller Thomas P. DiNapoli reveals the challenges facing New York's public and private higher education sectors, including an impending enrollment cliff, rising tuition costs and rising student debt. It highlights the challenges faced.
“New York has a robust higher education sector that attracts students and investment to our universities, which benefits our state and local economy,” DiNapoli said. “Declining enrollment over the past decade has already hurt the finances of several public and private institutions, forcing some to downsize or close. It depends on institutions remaining competitive by ensuring they are affordable, diverse, and foster innovation and community spirit in their students.”
Largely due to demographic changes, competition to attract potential students has increased and New York State's share of enrollment has declined. In fall 2022, 896,000 students were enrolled across all higher education institutions in the state. This is the lowest total enrollment in 15 years, with about 73,000 fewer full-time students since fall 2008. This decline was driven by a nearly 14% drop in enrollment at public institutions. This was caused by a decline in community colleges that began enrolling. In 2011.
The college-age population, which promotes admission to higher education institutions, is decreasing as a percentage of the total population nationwide, and is predicted to enter a sharp decline known as the impending “enrollment cliff” from 2025. Masu. The impact of declining enrollment over the past decade has affected the finances of several public and private institutions, with several institutions downsizing or closing.
Higher education enrollment typically increases during or immediately after economic downturns, but the COVID-19 pandemic has had the opposite effect, with enrollment increasing in 2020 and 2021. Diminished. This may have been due to social distancing restrictions and a strong job market as the economy recovers. The pandemic has also spurred an increase in student transfers and expulsions, or “stopouts,” with fewer community college students transferring into advanced degree programs, particularly for disadvantaged students.
The outcomes associated with degree completion, including salary upon graduation, are more positive for New York state college students than for students in other states. Collectively, New York institutions outperform the nation in the number of students enrolled in degrees (69.1% vs. 62.3%). However, community college completion rates are also lower than four-year schools. Less than half of students at public two-year colleges who enrolled in fall 2016 completed their courses by June 2022. Due to lower enrollment and lower completion rates, the number of associate degrees awarded in the 2020-21 academic year decreased by 3.4% compared to the previous year. 2009-10.
Research consistently proves that people with a college degree earn more than people with only a high school diploma. The median income for bachelor's degree holders in the state is nearly $82,000 higher than the median income for bachelor's degree holders in the state, which includes California, Florida, and neighboring states such as Texas, New Jersey, and Massachusetts. .
Both public and private average undergraduate costs in New York State were higher than the national average, with in-state costs at two-year public institutions being particularly high. The cost of tuition, fees, and room and board for a four-year private school in New York State was $58,423, 26% higher than the national average of $46,313. Tuition and fees at public two-year community colleges in New York state were $5,576, 59% higher than the national average of $3,501.
Rising college costs nationwide have led to an unprecedented increase in student loan debt in New York and across the nation. Per capita student loan debt in New York state was $5,830 in the third quarter of 2023, higher than the national average of $5,370, according to data from the New York Fed.
