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Suffolk Law going under
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Date: September 1st, 2014 1:53 PM Author: Vivacious Indecent Cruise Ship Goyim 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. |
Date: September 1st, 2014 1:56 PM Author: Tantric multi-billionaire I know a 2L at Suffolk Law. Will she be able to graduate? (http://www.autoadmit.com/thread.php?thread_id=2662729&forum_id=2#26247578) |
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Date: September 1st, 2014 1:59 PM Author: Vivacious Indecent Cruise Ship Goyim Does he have a job lined up? (http://www.autoadmit.com/thread.php?thread_id=2662729&forum_id=2#26247599) |
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Date: September 1st, 2014 2:00 PM Author: Tantric multi-billionaire She did something legal-related this past summer (between 1L and 2L years) but it was just an internship. Doubt there's anything long-term lined up, no. (http://www.autoadmit.com/thread.php?thread_id=2662729&forum_id=2#26247606) |
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Date: September 1st, 2014 2:09 PM Author: free-loading shimmering den clown "Suffolk, 'cause they don't run Harvard at night" (http://www.autoadmit.com/thread.php?thread_id=2662729&forum_id=2#26247644) |
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Date: September 1st, 2014 2:10 PM Author: Bisexual Umber Sanctuary Boiling Water They should have used that as the school slogan. (http://www.autoadmit.com/thread.php?thread_id=2662729&forum_id=2#26247647) |
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Date: September 1st, 2014 2:17 PM Author: free-loading shimmering den clown Friend who actually went there (currently working in midlaw) actually made a t-shirt of that when that movie came out. (http://www.autoadmit.com/thread.php?thread_id=2662729&forum_id=2#26247678) |
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Date: September 1st, 2014 2:11 PM Author: Mischievous church GW-ization party (i.e. charge. Ivy prices for an average regional college experience, pay the president $2 million per year) --- LOL @ higher ed in america |
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Date: September 1st, 2014 2:24 PM Author: naked anal queen of the night twinkling uncleanness 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. |
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Date: September 1st, 2014 2:46 PM Author: passionate bossy dopamine about time, more to come as well (http://www.autoadmit.com/thread.php?thread_id=2662729&forum_id=2#26247766) |
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Date: September 1st, 2014 2:49 PM Author: gay feces They shut down their public service fellowship program and returned the endowment to the donors. They couldn't shoulder their share of the costs of running the program. I can't imagine the costs were that great. They only funded 12 people. They must be really hurting.
http://www.bizjournals.com/boston/news/2014/08/18/suffolk-university-shuts-down-rappaport-center.html |