Monday, October 20, 2008

Schools Getting Hammered

It was similar around the time I started college.

STATE COLLEGE, Pa. - As the nation's economy spirals downward, America's colleges and universities are feeling the pain in multiple ways and must take steps now to adjust, said Pennsylvania State University president Graham B. Spanier.

States are cutting funding. Donors are pulling back. Students are having trouble getting loans, and so are colleges, causing a slowdown in building projects. Meanwhile, cash flows are tight and endowments are shrinking, Spanier said in an interview at his office on Friday.