When should People over 60 Apply to College?

[Anonymous]

Anonymous wrote:This is a terrible idea.

1. Universities are good at taking in money and spending as much as they can. I worked in higher education and can’t tell you how many of these so called “Cost Plus” programs either fail or end up meeting their targets by not accounting for resources used from campus. This particular idea not only uses resources directly needed by students but includes land and buildings. Universities are very bad at property management.

2. At some point Universities will decide they need to also serve some number of low income seniors. They will be attracted by a state tax incentive or something to do so and pass along the costs to everyone else.

3. At popular colleges, student housing is already in crisis. Singles are now doubles, doubles are triples and quads. The kids are on top of each other. Getting the courses you need to graduate in four years can be an issue. Lockers at the gym are in demand. Lines for dining and coffee are long.

4. It’s another example of boomers and older GenX taking space and resources away from GenZ and GenAlpha

5. Universities are not ruthless like corporations and they fear litigation. They will settle every lawsuit and when the whole thing becomes unprofitable , will not shut it down and kick out old people.

Relax, this will not be happening on any meaningful scale at in-demand colleges and universities. It will be at the smaller non-selective private colleges we do not talk about much at DCUM.

[Anonymous]

Bryn Athyn College. I’d love to live in those dorms, they are very nice and it’s on septa line to Philly, close to nyc, gorgeous little town, nice area. The professors are really good too. They used to offer stained glass classes and other fine arts.

[Anonymous]

I think this is why you may see retirement homes adjacent/near college campuses where the seniors are able to audit classes (but ownership has zero to do with the university), but few actually run by the college.

The retirement home I think pays fees to the university (which of course the tenant ends up paying for plus a mark-up), but the university isn't having the seniors actually live on campus or otherwise use campus resources.

I know there is one that has this type of relationship with Princeton. These retirement communities aren't cheap by the way.

[Anonymous]

Sign me up!

[Anonymous]

Universities in small towns mid sized already deal with the problems of a large retiree population in the community. Regardless of political affiliation, these are the absolute worst NIMBYs you can imagine. They constantly get their candidates on the local councils and planning committee and then hold the schools hostage. They fight anything that doesn’t benefit them directly.

Some want students out of the neighborhoods and hold up any approvals unless the school increases required on campus housing.
Some are financially dependent on renting out houses, rooms and ADUs at exorbitant prices to students and fight anything plans to increase student housing.
Some want the campus police to patrol the non university neighbors giving noise violations.
Some want the schools to disallow off campus students from having cars.

It gets really crazy. I can’t even imagine what the demands would be if the retirees moved onto campus and were in a facility directly affiliated with the university.

The next problem is that these communities that require a million dollar or at least several hundred thousand dollar buy in are dominated by private equity. PE will keep them running as long as they are profitable enough to pay the investment company large returns. PE will squeeze ever stone and over leverage the facility until it’s too deep in the red and declare bankruptcy. Seniors are left losing their investment and living space. The university will be left holding the bag.