Liberal Arts Colleges in the Current Economy

I thought this was a great article, and though it may not be the most concerning topic to most people within the field of higher education, I was definitely interested in it because I graduated from a women's liberal arts college and did my budget narrative on a liberal arts college!

Basically, the article discusses Smith College and their "Future Initiative" plan that you can find here. Like Mount Holyoke College, Smith is an undergraduate liberal arts college for women, and they're located roughly 20 minutes north of MHC. Smith has a larger endowment than MHC and is more well known than MHC (at least on the western side of the country), but what concerns Smith tends to concern MHC as we are similar institutions with similar priorities.

Like one of MHC's strategic planning reports, Smith's "Future Initiative" discusses the fact that the current model (both educational and financial) are not sustainable. (Though I would argue the reason the educational model isn't sustainable is only because it is financially unsustainable.) Liberal arts colleges, even those with endowments like Smith and MHC should be concerned about their futures because large changes (such as adding programs that may be less competitive but will being in money, or adding online instruction) could change the mission of the institution, even if they can bring in money. These colleges need to think through their plans with their communities (including alumnae and students) to determine their courses of action.

I remember when I was at MHC I was concerned about the move towards centralized dining. While dining is not completely centralized, something does change about the feeling of community when you can't just roll out of bed in your pajamas and get a hot breakfast in your residence hall. Clearly, this is something one may not see as a big deal, but these are the small changes that may become large changes in the future.

Small classes taught by professors (who make good money!) are also a hallmark of the liberal arts experience, but the fact that these instructors receive only a small fraction of research grants and contracts that research institutions do is almost like a financial double-whammy. While technology plays an increasing role in college life, how should professors incorporate technology into learning? Should there be classes held online? While I can understand students at large universities taking an occasional online class, I can't even imagine taking an online class at an institution like MHC unless it were taught by a distinguished professor that is physically in a different location...and even then, I would probably argue that the students should meet together in person in a classroom while the instructor was broadcast into the classroom.

I clearly don't have the answers, but a liberal arts education means something, and I am concerned that many options to increase revenue may detract from the missions of these institutions. Of course, in this economy, I am sure we will hit a point where we no longer have a choice...and it is definitely a good idea to try to brainstorm ideas now, before it's too late.