All of higher education faces considerable headwinds today in the form of emerging demographic shifts that especially affect small colleges.

This year will see the first of what’s expected to be a decades-long decline in the number of U.S. high school graduates. With birth rates dropping since 2007, the number of college-aged students is now shrinking and will through the 2030s. In fact, Bloomberg News recently reported on a study suggesting that, nationally, the graduating class of 2041 will be 13% smaller than the class of 2025. The Western Interstate Commission for Higher Education estimates that some regions could see the number of college-aged Americans plunge 15% to 20% in the next decade.

Market forces are prompting institutions to trim their margins and hold tuition costs as low as possible at the same time that operations costs rising. Institutions with large endowments have competitive advantages as they rely less on tuition income to support their operations.

As a small college that traditionally has relied on tuition as its primary source of revenue, Franklin College has seen how the ebb and flow of enrollment can put a strain on the budget. That’s why the College is forging a plan that would shift its financial model away from tuition reliance alone and position it to become stronger and more capable of retaining its core identity.

In preparation for this new model, Franklin College has done the hard work of strengthening its financial position. It has ensure that tuition, room and board, and academic fees are in line with the marketplace. It has conducted efficiency studies to identify opportunities to limit costs and increase revenue. It has attracted more than $1.6 million in new grants. It has reinvested funds into its endowment. And it is working to increase admissions to optimal levels.

With these steps underway, Franklin College has forged a plan for the future based on creating opportunity.

“This is about a level of prosperity that enables Franklin College to pursue a truly ambitious vision.” — Franklin College President Kerry N. Prather

When Beverly (Parker) Curnutt ’66 lost her husband, Jerry L. Curnutt ’64, at the early age of 49, she was devastated and wanted to keep his memory alive. A retired educator, Curnutt says her husband’s long and productive career at Dow Chemical Co. came in part as a result of encouragement he received from professor Tom Hodge. More than 30 years ago, she funded the Jerry L. Curnutt ’64 Endowed Scholarship so generations of students could have that same kind of support.

“Because of the camaraderie, the sense of community Franklin has and the closeness of the staff, the faculty and their students…when students leave Franklin, they are ready to face the world.”