Suffolk Law going under
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Date: September 1st, 2014 1:53 PM Author: Provocative Obsidian Rehab
Not really a surprise. Suffolk came very late to the GW-ization party (i.e. charge. Ivy prices for an average regional college experience, pay the president $2 million per year) and was caught flatfooted. The university has long been subsidized by its law school, one of the largest and least-selective institutions in the country. Now that word has gotten out about the job outcomes for law school graduates, enrollment plunged, people balked at the tuition, and Suffolk ended up offering buyouts to ALL of the tenured law faculty. IIRC, Suffolk has also been on a building tear of late in downtown Boston, for which they almost certainly floated enormous bond obligations. I rather suspect Suffolk is in a fairly grave financial position at the moment; time will tell.
In fact, a quick search reveals that as of last September, Fitch rated Suffolk's bonds at a dismal BBB, just above "non-investment grade" ratings in the Fitch scale. The outlook reading is fairly wincing: http://www.businesswire.com/news/home/20130904006605/en/Fitch-Affirms-Suffolk-University-MA-Bonds-BBB#.U_9qE8t0wdU
Annual debt servicing is 12.2% of the operating budget and student-generated revenues (read: student loans & tuition payments) provide ALMOST 95% of the operating revenues, which obviously makes a downturn in enrollment devastating.
(http://www.autoadmit.com/thread.php?thread_id=2662729&forum_id=2#26247564) |
Date: September 1st, 2014 2:11 PM Author: apoplectic deep church filthpig
GW-ization party (i.e. charge. Ivy prices for an average regional college experience, pay the president $2 million per year)
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LOL @ higher ed in america
(http://www.autoadmit.com/thread.php?thread_id=2662729&forum_id=2#26247649) |
Date: September 1st, 2014 2:24 PM Author: Exhilarant pearly space
I don't think they could be close to shutting down if they are just now offering buyouts to the tenured law profs.
Of course if any legit consumer protection law were enforced in this context, the law school would have been completely plowed under years ago by the Mass AG / FTC / CFPB / DOJ. In northeastern states certain kinds of payday loans are outlawed, but somehow it's all right to entice unsophisticated grads of POS colleges to take on ~150k in nondischageable debt for about a 40% chance at a law job that pays an average of about 45k.
(http://www.autoadmit.com/thread.php?thread_id=2662729&forum_id=2#26247711) |
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