The Hechinger Report
Colleges and universities have borrowed billions to build facilities they may not need as enrollment declines, leading to a quarter of a trillion dollars in institutional debt. This debt costs $48 billion annually to service, with much of the money going to new buildings and amenities, even as some instruction moves online and existing buildings need repairs. The debt puts a burden on students and families, and many colleges have ended up with more debt and fewer customers. The debt issue has led to college closings and neglected maintenance, with universities now having $112 billion worth of deferred maintenance and repairs. This impacts the quality of infrastructure and can affect the college experience for students and faculty….