Boston-Area College President Resigns Following Financial Scandal and Enrollment Crisis
Olin College's financial struggles include cutting scholarships and ongoing operating losses.
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A private college institution in Boston, Massachusetts announced that it would be losing its president at the end of the academic year.
Located in Needham, Olin College of Engineering hired its second president, Gilda Barabino in July 2020. Her departure is linked to the college's financial challenges.
Mass Live reported that the college, founded in 1997, had long faced operating deficits, currently pegged at a loss of $4 million a year. Its operations have therefore been strained by these difficulties as well as in student offering. During her short period in office, Barabino brought great stature as a distinguished leader in science and engineering. The first Black woman to be elected college president, she continued working toward increased faculty and student diversity. She made an effort to redress significant representation disparities in the institution's past.
Unfortunately, under her administration, the institution was not so successful in financial affairs; scholarship reductions were among the concerns expressed by ABET, the accrediting organization for the institution.
Read more: Baker College Faces $2.5M Penalty for Misleading Career Claims that Left Students in Debt
A History of Financial Struggles
For over ten years, Olin College of Engineering, initially known for innovative approaches to teaching engineering, suffered financially. This college was famous for offering tuition-free but had abolished the free offer in 2010, switching to partial scholarships. By 2026, the college would cut merit scholarships to $10,000 annually, ensuring the institution will eventually be sustainable in the long run, per WBUR.
Olin College is but one of the many smaller colleges in the region that are under pressure. During the last decade, more than 20 Massachusetts colleges have shut down or consolidated due to decreased enrollment and financial instability. Nearby institutions have already closed over similar challenges as well.
To further worsen the situation, Barabino's departure also comes at a time when higher education institutions are experiencing leadership turnover. In 2024, many college presidents resigned due to controversies and other challenges such as financial stress and global events.
