Had a great back and forth on a concept idea today, I am looking for input. With the recent cuts at Memorial and the current financial situation in the province going outside the box a little should definitely not be out of the question. The thought process went something like this. Its a service for education model, in its simplest terms people going to university or college, for a program that would lead them into employment which is typically funded by tax dollars (Public Services, Health, Education, Engineering etc..) could have their tuition covered in whole or part. in exchange for agreeing to work in public position at a reduced rate income for 1-3 years depending on cost of program. This could insure we have fresh minds working in the public sector where they are needed, they gain experience during this period and the reduction in wage would be modest, only what would cover the portion of their tuition/program excused during education. If not wanting to participate the tuition they pay would stay the same at the same market level. These are broad strokes to the concept..thoughts..questions..comments. Its a idea, solutions are not born without them.
To put this as honestly as I can, I don't know, with so many variables yet to come and with limited access, to live budgetary information from MUN. All one on the outside can do is speculate. I do want to take a second to acknowledge MUN for setting up 2 separate student relief funds, given the time and how this crisis was thrown into everyone's lap. Its good to see that they are taking steps to ensure that students are able to continue learning and that there are options to assist students with difficulty during this time.
Given the current pandemic, I do have one worry from a financial standpoint that stands out above others. International students, what will this mean to their ability to attend in the fall? Anyone familiar, knows the importance of the tuition of these students to operating costs at Memorial, given the higher rates that they pay approximately $9000.00 more than a student from NL. Based on simple estimate if international 1st year students are unable to attend that leaves a $5,000,000.00 reduction in tuition alone, add in the other associated costs on top, you could conservatively double that. If there is a large reduction in enrollment from international markets, a school already forecasting a large budget deficit could be in serious trouble.
That's just one aspect which is standing out to me, where will that lead? I see the school heading for troubled waters. Hopefully they are looking at ways to mitigate loses, while keeping the education level as high as it is. NL is teetering on a ledge right now, as we come out of this pandemic, short of federal stimulus, we are headed toward insolvency. I think a Federal Bailout will happen, not sure how deep and where the cuts will be afterwards, but either way Memorial will remain open and will see the necessary funding to do so. Where it comes from, we will have to wait and see. This is not the optimal solution to me, but if I had a crystal ball that's what i think it would show.