October 10, 2008
As Credit Crisis Chills Campuses, Worries Mount
When the stock market plunged 778 points last week, losing almost 9 percent of its value in one day, higher education responded in an uncharacteristic way: It began to buckle.
Colleges have often considered themselves recession-proof. But last week's events compounded an already difficult year for many institutions, which have suffered from declining state support, tightening credit, and losses on endowment earnings. As a result, the financial meltdown — with its promise of
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The Chronicle Review
