Three years ago Roosevelt University opened a striking South Loop tower full of classrooms, dormitories and offices. But the ambitious project was based on a 2009 prediction that soaring enrollment and rising tuition prices would grow annual tuition revenues by $40 million in just five years. Revenues grew by only $5 million and the school now faces a formidable debt burden.
Revenue grows slowly, falling short of projections
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Traditional student base dwindling
Building the Wabash tower was part of a plan to attract more traditional college-aged freshmen, a potentially lucrative group that typically attends school full time and lives in dormitories. But at the same time, Roosevelt was losing students it had historically served, a diverse group made up mostly of commuter students who often attended school part time while working jobs or raising families. As a result, “full-time equivalent enrollment,” the apples-to-apples measurement that reflects both full-time and part-time students, increased only slightly.
Source: Roosevelt University consolidated financial statements, Roosevelt University bond filings
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