The fresh institution cannot always step up to prevent an institution out of closing. St. Gregory’s School, which had been Oklahoma’s just Roman Catholic University, pursuing the USDA refused a software for a financial loan that school leadership said it had a need to endure.
Colleges also have considered the newest USDA when other types of investment enjoys soured to them. Bard College within the upstate New york had its debt rating downgraded for the 2016 amid concerns about bucks and you can borrowing from the endowment. The following year, it was publicly revealing USDA financial support.
Bard did sign up for a loan, it didn’t succeed out of the Nyc County work environment since it is actually thought that the amount of personal debt try also perfect for the college, said the latest college’s chief financial manager, Jim Brudvig, during the a contact.