March 6, 2008
With the Collapse of Variable-Rate Markets, Some Colleges Face Staggering Debt Costs
Dozens of colleges and universities, including some of the country's wealthiest institutions, are facing a sharp rise in interest payments on a whopping mound of debt.
About a third of the nearly 300 private institutions rated by Moody's Investors Service are financing more than half their debt with variable-rate bonds, some of whose rates have skyrocketed in recent weeks.
Many colleges are scrambling to restructure hundreds of millions of dollars of debt, as the
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