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Diversity & Inclusion (POC, transgender, non-binary, etc.)
Exclusivity
Expense
Hazing
Binge drinking
Sexual assault
etc.
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I feel like the issues of hazing, binge drinking, sexual assault, and others are just as prevalent in other groups on any campus whether it's an academic club, intermural or club sport, performance group or any shared interest club.
Media like many of the movies depicting Greek life from the 70's to the mid 00's and because of the entertainment and comedy of said films, it further cemented that reputation for those outside of the system. Coupled with how bad news and rumors spread way faster than good news, especially in the social media age, anytime a GLO is accused of something terrible, it adds to an already burning fire of contempt.
The inclusion and diversity aspects are interesting as that topic has been at the forefront of social media for the last few years. I haven't been up to date with if GLOs are redefining their membership policies to include those people as potential members if they so desire. Personally, I have not had any issues with consideration of any PNMs specific to race or ethnic origin, but I know that it can still be an issue places.
The expenses associated with Greek Life vary so much it's hard to say if it is an issue everywhere. One chapter may set their dues at $100 a semester, another at $1,000. I do believe that a chapter should try to keep dues as low as possible, but I also understand that the realities of finances can be difficult when you consider housing costs, fees paid to the HQ, insurance, etc.
Perhaps the answer of what the biggest threat to Greek Life is more simple? If the reasons people joined a GLO were for the prestige, connections, and social opportunities, et al. and they could get those same benefits elsewhere, why would they join? Social media has changed networking forever, from a professional and leisure standpoint. What prestige is there to behold with a new student when all they see is the faults of specific chapters amplified on the internet? When their classmates post about ending Greek Life as a whole instead of specific people/chapters/organizations?
One specific threat to fraternities is the drop in male applicants enrolling in colleges. No matter the number of fraternities, how well they present themselves and the benefits they can offer, a smaller male student body will eventually mean a shrinking Greek Life population.