Goldie Blumenstyk, Chronicle of Higher Education
After borrowing billions, colleges rush to avert financial fallout
The end of the fiscal year usually isn’t a momentous occasion for colleges. But this June 30 could be a day of reckoning many never expected.Colleges borrowed tens of billions of dollars over the past decade to improve facilities, in some cases stretching themselves to the limit and beyond. Now the financial crisis threatens to turn that debt into a ticking bomb.