Friday, July 31, 2015

Nonprofit colleges take up a new subject: Default - Jamie Mason, the Deal

Financial troubles are afflicting nonprofit colleges that have a liberal arts focus, have a single-sex student body, have outdated programs and facilities, or are in rural locations, according to Joseph D'Angelo, a partner at crisis management firm Carl Marks Advisors. Nonprofit schools such as Sweet Briar College in Sweet Briar, Va., Dowling College in Oakdale, N.Y., Franklin Pierce University in Rindge, N.H., Ashland University in Ashland, Ohio, Alabama State University in Montgomery, Ala., Mills College in Oakland, Calif., and even the University of Puerto Rico all face an uncertain future when it comes to default. And they aren't alone. Greg Charleston, a senior managing director at crisis management firm Conway MacKenzie Inc. says "I expect we will see more defaults in the next five years because of the change in what consumers are willing to pay for higher education."

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