Leaders at some private colleges in Iowa are plotting ways to get through the economic slump without harming the quality of the student experience. Richard Hanson, the president of Waldorf College in Forest City, says he’s concerned about trying to keep the college affordable while at the same time being in need of credit.
He says Waldorf, like many businesses, uses short-term loans to help day-to-day operations, but some credit is hard to come by right now. Hanson says private colleges rely on fundraising activities and many of Waldorf’s donors are not making much money on Wall Street.
He says many of their donors use appreciated stocks for gifts but not too many of them are making profits off those stocks. Hanson says he hopes the stock market can stabilize and that efforts will be made to maintain student financial assistance programs.
Hanson says many students need scholarships, loans and grants to pay for their post-secondary education. Waldorf’s enrollment this school year dropped by about four-percent to 580 students, while the college employs about 140 people.