This is sort of a perfect storm for refund requests: https://apnews.com/f18a0a48925a19586e4d810f6e88eff3 … The money is ~spent. COGS for college education rounds to zero; it's structurally CAPEX and OPEX.
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It would be rough for them, yeah. U of ND, for example had $284M for 13000 students. That’s only 21K per student. So the foundation could probably refund two semesters before it was completely gone.
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