After the long summer break, relieved parents are sending their college-age kids back to school. But bad news threatens to temper the celebration: By the time students pick up their diplomas they—or the parents who cosigned their student loans—will be stuck with an average bill of $37,000, according to a recent report from the Federal Reserve Bank of New York. In the United States alone, more than 44 million borrowers are struggling to pay back an astonishing $1.3 trillion in student debt, the report said.
Well aware that these burdens are unsustainable, university boards are cutting back sharply on expenses, leaving administrators with the challenge of running their organizations more efficiently without sacrificing the quality of education. Budget cuts of more than 40% at some colleges during the 2016-2017 academic year have focused the attention of administrators on IT investments as a powerful way to strike that balance, according to the latest survey from the Campus Computing Project, a group that has tracked college expenses for nearly 30 years.
“CIOs and senior campus IT officers continue to express great faith in the power of technology to enhance, if not transform, instruction and learning at their campuses,” the report said.
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