In these difficult economic times, colleges, as well as the parents and students who are paying tuition, are feeling the financial pinch. Like the families who pay tuition, many colleges are attempting to tighten their budget in order to avoid raising tuition more than necessary. Many colleges are also committed to maintaining, or even raising, their amount of financial aid to students. Only 8% of colleges surveyed by the National Association of Independent Colleges and Universities said that they had plans to reduce their financial aid offerings.
Most colleges and universities have already looked at and instituted some of the big savings strategies also being used by the corporate world as well. Many have looked to layoffs, halting construction projects, hiring freezes, and salary freezes. But colleges are also looking for other ways to trim their budgets.