From the Chronicle comes this piece by Alexandra Tilsley on how hard hit universities in New Jersey are by the recent budget crunch. Excerpts are below or clickthrough for the full story.
“High debt loads, limits on tuition, and a sharp reduction in state support could mean financial problems for New Jersey’s public universities,
according to a report released on Monday by Moody’s Investors Service
as part of Moody’s Weekly Credit Outlook.
The report highlights a number of problems facing New Jersey colleges and warns that any further cuts in state support could cause serious financial
strain. Moody’s issued financial warnings for colleges in Illinois and
Kentucky earlier this year.
Last week New Jersey lawmakers passed a budget for the 2011 fiscal year that includes $551-million in direct appropriations for colleges there—down from
$646-million in 2010. In the past five years, state support has dropped
by 22 percent.”
