Olin College of Engineering in Needham, Massachusetts is facing financial challenges with the departure of its president, Gilda Barabino, at the end of the academic year. Barabino, the first Black woman to be elected college president at Olin, worked towards increasing faculty and student diversity during her tenure. However, the college has long faced operating deficits, currently at a loss of $4 million a year, which have strained its operations.
The college, founded in 1997, historically known for innovative approaches to teaching engineering, discontinued its tuition-free model in 2010 and switched to partial scholarships. Recently, it has further reduced merit scholarships to $10,000 annually to ensure long-term sustainability.
Barabino’s departure comes at a challenging time for higher education institutions, with many facing financial stress and leadership turnover. Over the past decade, more than 20 Massachusetts colleges have shut down or consolidated due to decreased enrollment and financial instability.
Despite Barabino’s efforts towards diversity and representation at Olin College, the institution’s financial struggles have not been resolved. As the college looks towards a new chapter with a new president, it must address its financial challenges to ensure its long-term viability in the rapidly changing landscape of higher education.
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