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From Gatekeeper To Gateway: A New Approach To College Admissions

From Gatekeeper To Gateway: A New Approach To College Admissions

Forbes05-08-2025
For too long, college admissions has been a high-stakes, high-stress process that many college hopefuls dread. Despite years of good intentions and isolated reforms, the current system still places too much of the burden on students to navigate a complex maze of applications, deadlines and financial aid—while offering too little clarity on the value higher education can provide. And for first-generation college-goers and those from low-income families, the barriers can feel particularly insurmountable.
That's why a growing group of innovators is no longer trying to fix admissions around the edges—they're reimagining the process entirely.
As part of the Great Admissions Redesign, a challenge launched by Lumina Foundation in 2023, colleges and systems from across the country are testing bold changes aimed at expanding opportunity and reducing friction for students.
The effort couldn't come at a more critical moment. The long-predicted 'demographic cliff' is on colleges' doorsteps, meaning they will need to be savvier about reaching and recruiting a smaller cohort of high school-aged students. At the same time, questions continue to grow about higher education's value and the return students can expect from their investment, so colleges need to get more sophisticated about how they're marketing themselves with a greater eye toward the long-term outcomes they offer their graduates.
The current admissions system isn't working for students or for colleges; and it's ripe for innovation. Here are three of the most promising strategies emerging from the challenge.
Flip The Process: Start With A Yes
One of the most powerful ideas gaining momentum is a process often called 'direct' or 'guaranteed' admissions—a model that removes the application as the starting point and instead makes the college an active participant in recruiting qualified students.
In a traditional model, the onus is entirely on the student to seek out, apply to and wait for decisions from colleges. Direct admissions flips that dynamic; instead colleges use existing data (like students' GPA and course-taking) to proactively identify potential students and make conditional offers of admission. In some cases, students receive multiple offers at once—without ever filling out an application.
For students who might otherwise assume college isn't for them, a letter that says 'You're in' can be life-changing. The approach is also a game-changer for colleges themselves. The California State University (CSU) Direct Admissions program offers a compelling case study via its initial pilot with the Riverside County Office of Education. In the spring of 2025, more than 12,000 students in Riverside County were proactively offered conditional admission to CSU. As a result, CSU-Riverside is predicting a 30% increase in first-year enrollment this fall—an unheard-of increase in an environment where many colleges continue to see enrollment declines.
Addressing Questions Of Value
As higher education's value continues to be called into question, convincing students that college is a worthy investment is a crucial piece of solving the enrollment puzzle—and new approaches to the admissions process could help.
The Great Admissions Redesign highlights how connecting the admissions process with other critical processes—like financial aid and academic advising—can help address concerns about affordability and student success.
When admissions teams collaborate seamlessly with financial aid, students receive clearer, more predictable cost information upfront, reducing uncertainty and increasing the likelihood of their enrollment. Washington state, for example, plans to notify students that are eligible for SNAP benefits as early as 10th grade that they are eligible for the state's WA Grant and affording college is within their reach. This notification will eventually be paired with admissions offers for the state's Guaranteed Admissions Program for eligible 12th graders as part of a comprehensive statewide communications strategy.
Similarly, connecting admissions data with academic support and career services allows institutions to better understand student needs and proactively guide them toward programs that align with their aspirations and labor market demands. This integrated approach ensures that the value proposition extends far beyond the acceptance letter, encompassing a student's entire educational and professional trajectory.
Leverage Technology As An Accelerant
Technology has long promised to streamline admissions—but too often, it has added layers of complexity. Now, a new wave of tools is helping institutions use technology as an accelerant for equity and efficiency.
Some states and colleges are improving how they use data to personalize outreach, predict match and fit, or simplify financial aid processes. Others are leveraging artificial intelligence to ensure that students receive timely, actionable information tailored to their profiles. The most promising efforts are not simply digitizing old systems; they're reimagining them entirely to reduce paperwork, increase transparency and meet students where they are.
One of the most transformative technologies in this space is the use of centralized application portals, such as the Common App or state- or system-specific platforms like Apply Texas and Cal State Apply. These systems allow students to access applications to multiple institutions in a single place and simplify data management. Other states and colleges are working to develop digital transcript and data sharing systems to increase automation, ultimately resulting in reduced administrative burdens, minimized errors and accelerated admissions decisions.
Technology can also help ensure that students find and are admitted to schools that are a good fit for them and will deliver the value they seek. CaliforniaColleges.edu, California's official college and career planning platform, is the only statewide college and career readiness platform in the country that links to K-12 student records. It includes tools for students to assess their interests, develop their college and career plans, access information on financial aid, launch college applications and monitor progress toward enrollment. Counselors also have access to online lessons and dashboards to track student progress to tailor their support. By using technology to better connect advising and admissions, states can help smooth the road to career success.
These advances require both states and colleges to get serious about data integration, interoperability and privacy. That's why the leaders in this work are not just investing in new tools—they're rethinking their infrastructure to support them.
Innovation For Impact
The Lumina Great Admissions Redesign challenge isn't just about fixing a broken system; it's about reimagining college access for the 21st century. By simplifying admissions, linking processes and leveraging technology, higher education leaders can move beyond simply defending their value. They can proactively demonstrate it, ensuring that more students find their path to a meaningful education and a successful future.
The future of higher education depends not just on who gets in, but on how they get in—and whether the journey starts with a barrier or a bridge.
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Editorial: Can Chicago State University build a vibrant community a la University of Chicago in Hyde Park?

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The following press release should be read in conjunction with the Company's Unaudited Condensed Consolidated Interim Financial Statements for the three and six months ended June 30, 2025 and the accompanying notes, our Management Discussion and Analysis for the three and six months ended June 30, 2025 and with our annual Consolidated Financial Statements, prepared in accordance with International Financial Reporting Standards ('IFRS') and our annual Management's Discussion and Analysis for the year ended December 31, 2024, which can be found on SEDAR+ at and on the Company's website Additional information about the Company is also available on SEDAR+ at Q2 2025 and Subsequent Headlines: Revenue grew 15% (5% organic growth, 4% after adjusting for changes in foreign exchange rates) to $2,844 million compared to $2,468 million in Q2 2024. Net income attributable to common shareholders decreased 68% to $56 million ($2.66 on a diluted per share basis) from $177 million ($8.35 on a diluted per share basis) in Q2 2024. A number of acquisitions were completed for aggregate cash consideration of $380 million (which includes acquired cash). Deferred payments associated with these acquisitions have an estimated value of $89 million resulting in total consideration of $469 million. Cash flows from operations ('CFO') were $433 million, an increase of 63%, or $168 million, compared to $265 million for the comparable period in 2024. Free cash flow available to shareholders1 ('FCFA2S') increased $37 million to $220 million compared to $182 million for the same period in 2024. Total revenue for the quarter ended June 30, 2025 was $2,844 million, an increase of 15%, or $376 million, compared to $2,468 million for the comparable period in 2024. For the first six months of 2025 total revenues were $5,498 million, an increase of 14%, or $676 million, compared to $4,822 million for the comparable period in 2024. The increase for both the three and six month periods compared to the same periods in the prior year is primarily attributable to growth from acquisitions as the Company experienced organic growth of 5% and 3% respectively, 4% and 3% respectively for both periods after adjusting for the impact of changes in the valuation of the US dollar against most major currencies in which the Company transacts business. Organic growth is not a standardized financial measure and might not be comparable to measures disclosed by other issuers. Net income attributable to common shareholders of CSI for the quarter ended June 30, 2025 was $56 million compared to $177 million for the same period in 2024. On a per share basis this translated into a net income per diluted share of $2.66 in the quarter ended June 30, 2025 compared to net income per diluted share of $8.35 for the same period in 2024. For the six months ended June 30, 2025, net income attributable to common shareholders of CSI was $192 million or $9.07 per diluted share compared to $282 million or $13.31 per diluted share for the same period in 2024. For the quarter ended June 30, 2025, CFO increased $168 million to $433 million compared to $265 million for the same period in 2024 representing an increase of 63%. For the first six months of 2025, CFO increased $258 million to $1,260 million compared to $1,002 million during the same period in 2024, representing an increase of 26%. For the quarter ended June 30, 2025, FCFA2S increased $37 million to $220 million compared to $182 million for the same period in 2024 representing an increase of 20%. For the six months ended June 30, 2025, FCFA2S increased $102 million to $730 million compared to $628 million for the same period in 2024 representing an increase of 16%. 1. See Non-IFRS measures. Forward Looking Statements Certain statements herein may be 'forward looking' statements that involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Constellation or the industry to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to vary significantly from the results discussed in the forward looking statements. These forward looking statements reflect current assumptions and expectations regarding future events and operating performance and are made as of the date hereof and Constellation assumes no obligation, except as required by law, to update any forward looking statements to reflect new events or circumstances. Non-IFRS MeasuresFree cash flow available to shareholders ''FCFA2S'' refers to net cash flows from operating activities less interest paid on lease obligations, interest paid on debt, debt transaction costs, payments of lease obligations, the IRGA / TSS membership liability revaluation charge, and property and equipment purchased, and includes interest and dividends received, and the proceeds from sale of interest rate caps. The portion of this amount applicable to non-controlling interests is then deducted. We believe that FCFA2S is useful supplemental information as it provides an indication of the uncommitted cash flow that is available to shareholders if we do not make any acquisitions, or investments, and do not repay any debts. While we could use the FCFA2S to pay dividends or repurchase shares, our objective is to invest all of our FCFA2S in acquisitions which meet our hurdle rate. FCFA2S is not a recognized measure under IFRS and, accordingly, readers are cautioned that FCFA2S should not be construed as an alternative to net cash flows from operating activities. The following table reconciles FCFA2S to net cash flows from operating activities: Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 ($ in millions) ($ in millions) Net cash flows from operating activities 433 265 1,260 1,002 Adjusted for: Interest paid on lease obligations (4 ) (3 ) (8 ) (7 ) Interest paid on debt (32 ) (37 ) (94 ) (78 ) Proceeds from sale of interest rate cap - - - - Debt transaction costs (4 ) (2 ) (4 ) (13 ) Payments of lease obligations (33 ) (29 ) (63 ) (58 ) IRGA / TSS membership liability revaluation charge (126 ) (8 ) (220 ) (89 ) Property and equipment purchased (16 ) (13 ) (31 ) (23 ) Interest and dividends received 20 9 32 15 239 182 871 749 Less amount attributable to Non-controlling interests (19 ) 1 (140 ) (121 ) Free cash flow available to shareholders 220 182 730 628 Due to rounding, certain totals may not foot. About Constellation Software Inc. Constellation's common shares are listed on the Toronto Stock Exchange under the symbol "CSU". Constellation acquires, manages and builds vertical market software businesses. For further information: Jamal BakshChief Financial Officer (416) 861-9677 info@ SOURCE: CONSTELLATION SOFTWARE INC. CONSTELLATION SOFTWARE INC. Condensed Consolidated Interim Statements of Financial Position (In millions of U.S. dollars, except per share amounts. Due to rounding, numbers presented may not foot.) Unaudited June 30, 2025 December 31, 2024 June 30, 2024 Assets Current assets: Cash $ 2,575 $ 1,980 $ 1,873 Accounts receivable 1,285 1,292 1,116 Unbilled revenue 466 369 419 Inventories 67 56 60 Other assets 685 596 628 5,079 4,293 4,096 Non-current assets: Property and equipment 231 222 215 Right of use assets 381 329 324 Deferred income taxes 281 219 192 Equity securities 481 13 14 Other assets 369 316 298 Intangible assets 7,907 7,459 6,985 9,650 8,559 8,027 Total assets $ 14,728 $ 12,851 $ 12,123 Liabilities and Shareholders' Equity Current liabilities: Debt with recourse to Constellation Software Inc. $ 575 $ 303 $ 274 Debt without recourse to Constellation Software Inc. 250 319 342 Accounts payable and accrued liabilities 1,515 1,589 1,312 Dividends payable 21 21 21 Deferred revenue 2,415 1,966 2,086 Provisions 23 22 11 Acquisition holdback payables 183 218 271 Lease obligations 130 115 115 Income taxes payable 112 111 104 5,223 4,664 4,537 Non-current liabilities: Debt with recourse to Constellation Software Inc. 1,932 1,855 1,834 Debt without recourse to Constellation Software Inc. 1,981 1,689 1,604 Deferred income taxes 787 670 620 Acquisition holdback payables 165 131 110 Lease obligations 291 252 247 Other liabilities 367 300 268 5,523 4,899 4,683 Total liabilities 10,746 9,563 9,220 Shareholders' equity: Capital stock 99 99 99 Accumulated other comprehensive income (loss) 129 (224 ) (158 ) Retained earnings 3,068 2,919 2,517 Non-controlling interests 686 493 445 3,982 3,288 2,903 Total liabilities and shareholders' equity $ 14,728 $ 12,851 $ 12,123 CONSTELLATION SOFTWARE INC. Condensed Consolidated Interim Statements of Income (loss) (In millions of U.S. dollars, except per share amounts. Due to rounding, numbers presented may not foot.) Unaudited Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 Revenue License $ 87 $ 87 $ 183 $ 175 Professional services 532 495 1,019 964 Hardware and other 80 68 155 127 Maintenance and other recurring 2,144 1,819 4,141 3,556 2,844 2,468 5,498 4,822 Expenses Staff 1,457 1,328 2,869 2,620 Hardware 43 37 83 72 Third party license, maintenance and professional services 268 243 522 458 Occupancy 17 16 33 30 Travel, telecommunications, supplies, software and equipment 144 133 275 245 Professional fees 55 44 102 83 Other, net 56 51 109 101 Depreciation 50 45 96 89 Amortization of intangible assets 286 258 558 500 2,375 2,155 4,647 4,197 Foreign exchange loss (gain) 118 4 150 (15 ) IRGA/TSS Membership liability revaluation charge 126 8 220 89 Finance and other expense (income) (28 ) (23 ) (108 ) (32 ) Bargain purchase gain (5 ) (2 ) (5 ) (5 ) Impairment of intangible and other non-financial assets 9 6 11 16 Redeemable preferred securities expense (income) - - - 58 Finance costs 71 69 142 136 290 61 409 247 Income (loss) before income taxes 179 252 441 378 Current income tax expense (recovery) 155 143 292 270 Deferred income tax expense (recovery) (60 ) (78 ) (109 ) (153 ) Income tax expense (recovery) 95 65 183 117 Net income (loss) 85 187 258 261 Net income (loss) attributable to: Common shareholders of Constellation Software Inc. 56 177 192 282 Non-controlling interests 28 10 66 (21 ) Net income (loss) 85 187 258 261 Earnings per common share of Constellation Software Inc. Basic and diluted $ 2.66 $ 8.35 $ 9.07 $ 13.31 CONSTELLATION SOFTWARE INC. Condensed Consolidated Interim Statements of Income (loss) (In millions of U.S. dollars, except per share amounts. Due to rounding, numbers presented may not foot.) Unaudited Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 Net income (loss) $ 85 $ 187 $ 258 $ 261 Items that are or may be reclassified subsequently to net income (loss): Foreign currency translation differences from foreign operations and other, net of tax 185 (14 ) 264 (62 ) Items that will not be reclassified to net income (loss): Changes in the fair value of equity investments at FVOCI 95 - 215 - Other comprehensive income (loss), net of income tax 280 (14 ) 479 (62 ) Total comprehensive income (loss) $ 364 $ 173 $ 737 $ 198 Total other comprehensive income (loss) attributable to: Common shareholders of Constellation Software Inc. 213 (13 ) 353 (53 ) Non-controlling interests 66 (1 ) 126 (9 ) Total other comprehensive income (loss) $ 280 $ (14 ) $ 479 $ (62 ) Total comprehensive income (loss) attributable to: Common shareholders of Constellation Software Inc. 270 164 545 229 Non-controlling interests 95 9 192 (30 ) Total comprehensive income (loss) $ 364 $ 173 $ 737 $ 198 CONSTELLATION SOFTWARE INC. Condensed Consolidated Interim Statement of Changes in Equity (In millions of U.S. dollars, except per share amounts. Due to rounding, numbers presented may not foot.) Unaudited Six months ended June 30, 2025 Equity Attributable to Common Shareholders of CSI Capital stock Accumulated other comprehensive income (loss) Retained earnings Total Non-controlling interests Total equity Balance at January 1, 2025 $ 99 $ (224 ) $ 2,919 $ 2,795 $ 493 $ 3,288 Total comprehensive income (loss): Net income (loss) - - 192 192 66 258 Other comprehensive income (loss) Foreign currency translation differences from foreign operations and other, net of tax and changes in the fair value of equity investments at FVOCI - 353 - 353 126 479 Total other comprehensive income (loss) - 353 - 353 126 479 Total comprehensive income (loss) - 353 192 545 192 737 Transactions with owners, recorded directly in equity Other movements in non-controlling interests - - (1 ) (1 ) 1 (0 ) Dividends paid to non-controlling interests - - - - (0 ) (0 ) Dividends to shareholders of the Company - - (42 ) (42 ) - (42 ) Balance at June 30, 2025 $ 99 $ 129 $ 3,068 $ 3,296 $ 686 $ 3,982 CONSTELLATION SOFTWARE INC. Condensed Consolidated Interim Statement of Changes in Equity (In millions of U.S. dollars, except per share amounts. Due to rounding, numbers presented may not foot.) Unaudited Six months ended June 30, 2024 Equity Attributable to Common Shareholders of CSI Capital stock Accumulated other comprehensive income (loss) Retained earnings Total Non-controlling interests Total equity Balance at January 1, 2024 $ 99 $ (99 ) $ 1,876 $ 1,877 $ 85 $ 1,961 Total comprehensive income (loss): Net income (loss) - - 282 282 (21 ) 261 Other comprehensive income (loss) Foreign currency translation differences from foreign operations and other, net of tax - (53 ) - (53 ) (9 ) (62 ) Total other comprehensive income (loss) - (53 ) - (53 ) (9 ) (62 ) Total comprehensive income (loss) - (53 ) 282 229 (30 ) 198 Transactions with owners, recorded directly in equity Non-controlling interests arising from business combinations - - - - (0 ) (0 ) Conversion of Lumine Special Shares to subordinate voting shares of Lumine and settlement of accrued dividend on Lumine Special Shares through the issuance of subordinate voting shares of Lumine - - - - 872 872 Conversion of Lumine Preferred Shares to subordinate voting shares of Lumine and settlement of accrued dividend on Lumine Preferred Shares through the issuance of subordinate voting shares of Lumine - (6 ) 400 394 (394 ) - Other movements in non-controlling interests - - 1 1 (1 ) (0 ) Dividends paid to non-controlling interests - - - - (86 ) (86 ) Dividends to shareholders of the Company - (42 ) (42 ) - (42 ) Balance at June 30, 2024 $ 99 $ (158 ) $ 2,517 $ 2,458 $ 445 $ 2,903 CONSTELLATION SOFTWARE INC. Condensed Consolidated Interim Statements of Cash Flows (In millions of U.S. dollars, except per share amounts. Due to rounding, numbers presented may not foot.) Unaudited Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 Cash flows from (used in) operating activities: Net income (loss) $ 85 $ 187 $ 258 $ 261 Adjustments for: Depreciation 50 45 96 89 Amortization of intangible assets 286 258 558 500 IRGA/TSS Membership liability revaluation charge 126 8 220 89 Finance and other expense (income) (28 ) (23 ) (108 ) (32 ) Bargain purchase (gain) (5 ) (2 ) (5 ) (5 ) Impairment of intangible and other non-financial assets 9 6 11 16 Redeemable preferred securities expense (income) - - - 58 Finance costs (note 13) 71 69 142 136 Income tax expense (recovery) 95 65 183 117 Foreign exchange loss (gain) 118 4 150 (15 ) Depreciation of third party costs 4 - 9 - Change in non-cash operating assets and liabilities exclusive of effects of business combinations (185 ) (174 ) 46 34 Transaction costs associated with equity securities classified as FVOCI - - (2 ) - Income taxes paid (192 ) (177 ) (299 ) (245 ) Net cash flows from (used in) operating activities 433 265 1,260 1,002 Cash flows from (used in) financing activities: Interest paid on lease obligations (4 ) (3 ) (8 ) (7 ) Interest paid on debt (32 ) (37 ) (94 ) (78 ) Increase (decrease) in CSI facility - - - (578 ) Increase (decrease) in Topicus revolving credit debt facility without recourse to CSI (135 ) (21 ) (104 ) 92 Proceeds from issuance of Senior Notes - - - 1,000 Proceeds from issuance of debt facilities without recourse to CSI 341 164 368 276 Repayments of debt facilities without recourse to CSI (69 ) (14 ) (99 ) (32 ) Other financing activities 1 (24 ) (0 ) (27 ) Dividends paid to non-controlling interests - (0 ) (0 ) (86 ) Debt transaction costs (4 ) (2 ) (4 ) (13 ) Payments of lease obligations, net of sublease receipts (33 ) (29 ) (63 ) (58 ) Distribution to the Joday Group - - - (64 ) Principal repayments to the Joday Group pursuant to the Call Notice - - - (22 ) Dividends paid to common shareholders of the Company (21 ) (21 ) (42 ) (42 ) Net cash flows from (used in) in financing activities 43 12 (48 ) 363 Cash flows from (used in) investing activities: Acquisition of businesses (380 ) (452 ) (474 ) (675 ) Cash obtained with acquired businesses 45 31 56 66 Post-acquisition settlement payments, net of receipts (114 ) (54 ) (130 ) (130 ) Purchases of investments and other assets (14 ) (0 ) (189 ) (1 ) Proceeds from sales of other investments and other assets 15 2 15 5 Decrease (increase) in restricted cash (3 ) 2 5 (9 ) Interest, dividends and other proceeds received 20 8 32 13 Property and equipment purchased (16 ) (13 ) (31 ) (23 ) Net cash flows from (used in) investing activities (446 ) (476 ) (717 ) (753 ) Effect of foreign currency on cash 68 (5 ) 101 (22 ) Increase (decrease) in cash 98 (205 ) 596 590 Cash, beginning of period $ 2,477 $ 2,078 $ 1,980 $ 1,284 Cash, end of period $ 2,575 $ 1,873 $ 2,575 $ 1,873

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Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
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