Marquette University plans to cut $31 million by 2031
Marquette University is planning $31 million in budget cuts over the next seven years, campus officials said in a message Monday. That represents about 7% of its current operating budget.
"This means we will need to consider our program offerings, our physical and organizational structures, and the way we do our work," the message said.
In the shorter term, Marquette plans to cut about 2.5% of its budget for the 2025-26 school year.
Officials also said they plan to "reinvest" over 40% of the $31 million into priorities outlined in the university's 2031 strategic plan.
In the campus message, officials said the university is facing budget challenges in part because of the need for more financial aid for students. They said nearly three-quarters of Marquette's operating revenue comes from tuition, room and board.
"Fewer traditional students are attending college, and those who do attend often need more financial and other support," the message said.
In January, Marquette announced a 5% hike in tuition, to about $50,000 for the 2024-25 school year. Room and board rates are also rising 5% to offset rising costs and improvements. Marquette's average net price, which deducts financial aid packages students receive, has not increased at the same rate as tuition.
Marquette President Michael Lovell hinted at budget shortfalls in his presidential address Jan. 31. He described "significant headwinds" facing universities, referencing budget deficits at the University of Chicago and Penn State.
"Marquette is not immune to these forces," Lovell said. "As many of you are aware, as we think about closing out the current year, we have some shortfalls that we are going to have to close."
Also in that address, Lovell announced the university had surpassed its $750 million fundraising goal in its eight-year "Time to Rise" campaign, the largest in the school's history. He said the campaign, which supports scholarships and other initiatives, will continue until June 30 and he's hoping to see it get over $800 million.
At other Wisconsin campuses under financial pressure, officials have cited inflation and declining enrollment. Officials at Northland College in Ashland recently announced they need to raise $12 million by April 3 or they will close the college. Others have already decided to close: Cardinal Stritch University, UW-Platteville Richland, UW-Milwaukee at Washington County, UW-Oshkosh Fond du Lac, UW-Green Bay Marinette, and UW-Milwaukee at Waukesha.
Other campuses, including private schools like St. Norbert College and public universities like University of Wisconsin-Oshkosh, announced they had to cut dozens or hundreds of employees.
More: Here's how Wisconsin universities ranked in the 2024 Best Colleges list
Student enrollment at Marquette has held fairly steady, with a total of 11,373 students enrolled last fall, according to the school's data. A decade ago, enrollment was 11,745.
Contact Rory Linnane at rory.linnane@jrn.com. Follow her on X (Twitter) at @RoryLinnane.
This article originally appeared on Milwaukee Journal Sentinel: Marquette University plans to cut $31 million by 2031
