The institutions in our network have always proved that they are resilient, but the fact remains that, without necessarily resulting in the closure of an institution in the short term, a sudden and significant revenue loss could mean the elimination of positions, fewer programs, cuts to the number of spaces in programs and reduced services on campus.
We can't deny that it could very quickly have those consequences. We're talking about revenue declines of 35% to 50% at certain institutions. That's a significant portion of the annual budget that would disappear in a very short space of time.