August 24, 2009

Public and Private Colleges Feel Ripples of Wall Street's Woes

Northeast: Public and Private Colleges Feel Ripples of Wall Street's Woes 1

Mike Groll, Associated Press

Nancy L. Zimpher, left, and New York Gov. David Paterson smile during a news conference in Albany, N.Y., Tuesday, Feb. 10, 2009, when it was announced that Ms. Zimpher would be the first woman president of the State University of New York. She assumed her duties on June 1 and says her five-year goals include better coordinating the resources of the 64-campus system, trying innovative ways to make college affordable for middle class families, and potentially raising SUNY's standing in big-time collegiate sports.

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close Northeast: Public and Private Colleges Feel Ripples of Wall Street's Woes 1

Mike Groll, Associated Press

Nancy L. Zimpher, left, and New York Gov. David Paterson smile during a news conference in Albany, N.Y., Tuesday, Feb. 10, 2009, when it was announced that Ms. Zimpher would be the first woman president of the State University of New York. She assumed her duties on June 1 and says her five-year goals include better coordinating the resources of the 64-campus system, trying innovative ways to make college affordable for middle class families, and potentially raising SUNY's standing in big-time collegiate sports.

By Eric Kelderman

The financial crisis that began last year has shaken higher-education systems throughout the nine states in the Northeast, forcing budget cuts on public universities and shrinking the endowments of the region's many private colleges.

For now, the infusion of federal stimulus money has largely protected public institutions from the worst-case scenarios of having to shut campuses or lay off large numbers of employees. The economic troubles, however, could delay states' broader plans for

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