Fed’s Harker warns US higher education ‘is in peril’
Philadelphia Fed president calls for reforms, as colleges face up to $115 billion in deficits
Philadelphia Fed president Patrick Harker has forecast severe financial problems across the US higher education system over the next five years.
Speaking at a symposium of higher education institutions on May 12, Harker said US universities and colleges could face $70 billion to $115 billion in “revenue shortfalls”. The “system is in peril”, he said.
Harker, who was president of the University of Delaware between 2007 and 2015, said four-fifths of higher education providers could face deficits
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