Colleges and universities in the U.S. are dishing out billions of dollars to lure new students to their campuses, Bloomberg reports.
According to Moody’s Ratings, schools need an estimated $750 billion to $950 billion over the next decade to upgrade facilities, build new projects and reduce deferred maintenance.
Roughly a third of universities rated by Moody’s face increasing credit challenges. This year, colleges have been borrowing significant amounts of money for dorms, athletic facilities and other campus projects. College bond sales have more than doubled since last year, data shows.
If colleges don’t update their facilities, they risk losing students to their competitors and could eventually be forced to close their doors.
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