Jan. 16, 2021
In the September issue of Christianity Today, Biola University’s financial efforts and creative strategies were highlighted in the article “Hard Choices for Higher Ed.” The article featured Christian colleges’ response to the economicc crisis and features Biola’s effort in creating two funds allowing students to continue their education.
As tuition costs continue to soar and endowment growth lags, college campuses are dealing with financial issues that inhibit student enrollment while families have limited income and state governments lack funds to maintain aid programs.
College campuses are responding to the economic crisis by launching new strategies to help students and their families pay for college. Biola is focused on their students’ needs, so last spring Biola initiated a ‘student economic response council.’ The first fund raised $90,000 through student giving. The second fund helped 150 international students stay enrolled by providing $100,000 to help pay for the rising costs due to the increase of currency rate exchanges.
According to Christianity Today, besides creating special funding strategies, Christian colleges are cutting back on any spending that is not a necessity. At the Christian Leadership Alliance conference held this year, a survey showed that many leaders and their institutions made adjustments to travel plans, budgets and pay raises.
As the economy continues to be in a slump and is taking slow growth to resurgence, many Christian colleges face the challenge of finding new ways to keep afloat and come up with new strategies that can help the colleges carry out their mission.
Written by Jennifer Thach, Media Relations Intern
media [dot] relations [at] biola [dot] edu