Kennesaw State is estimated to lose anywhere from $25 to $50 million in revenue as a result of university closures due to the COVID-19 pandemic.
The estimate is based on the amounts KSU refunded to students as well as revenue changes from summer courses moving online, Assistant Vice President of Strategic Communication Tammy Demel said. However, the estimate is not final.
“Circumstances continue to develop as the state continues to address the spread of the coronavirus,” Demel said. “As such, the full scope of fiscal impact to the institution is not yet clear.”
Late last month, KSU issued partial refunds amounting to an average of $234 per student, according to the Sentinel. The partial refund covered students’ mandatory fees for campus services that will be discontinued for the remainder of the semester due to the coronavirus. The partial refund also gave proportional refunds of the balance remaining for payments to live in on-campus dormitories and dining.
Remaining balances for on-campus residents that paid for individual parking permits were also refunded into students’ accounts.
Ten of the largest schools in Georgia will lose more than $180 million in revenue due to COVID-19 related closures, according to the Atlanta Business Journal. The article also reported that the University of Georgia would “pay back nearly $50 million in estimated refunds.”
Georgia State University, the Georgia Institute of Technology and Emory University were reported to owe students more than $62 million collectively. Georgia State and Emory University each were estimated to lose about $16.5 million, with Georgia Tech returning nearly $30 million to students, according to the Atlanta Business Journal.
