St. Paul, MN –Today, the Minnesota House Higher Education Finance and Policy Committee held an informational hearing to discuss COVID-19’s impact on Minnesota public and private colleges and universities. Committee members heard testimony from the University of Minnesota, MinnState, and Gustavus Adolphus College.
“The fall-out of COVID-19 is presenting significant challenges for our private and public colleges and universities,” remarked Chair Connie Bernardy (DFL-New Brighton). “Students who have been impacted by the pandemic are our number one priority and they need and deserve our support to stay academically whole. The House will continue to work on strategies and solutions to protect Minnesotans working toward their degree.”
As of April 13, MinnState estimates the total direct impact of additional expenses and lost revenues range from $35-40 million for the remainder of the fiscal year. Despite this, the system says the are well-equipped to meet the educational needs of students this summer and fall.
Gustavus reports an estimated $6 million impact and is currently working on a plan to reopen campus in the fall of 2020. Overall, Minnesota’s private colleges will see a combined $70 million-dollar shortfall. The University of Minnesota is anticipating losses of $324 million if social distancing and stay at home orders last into the fall. As a result of the federal CARES Act, MinnState will receive $93.3 million with $46.6 million available for students, and the University of Minnesota will get $36 million, with $18 million for students.
University of Minnesota President Gabel and Senior Vice President for Finance and Operations Brian Burnett presented information to the committee. MinnState Chancellor Malholtra, Vice Chancellor Maki, and Gustavus Adolphus President Bergman also answered questions for the committee.
Video of the hearing will be available on Minnesota House Public Information Services’ YouTube channel. Materials can be found on the committee’s website.
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