What is the source of all this debt?
I hypothesize it is the “grow or die” philosophy of so many colleges. I have yet to be on a campus that isn’t building, have some recently completed building, or have a new building about to start.
Colleges aren’t businesses (in the traditional sense). Businesses must grow. Colleges can stay the same size and still execute their mission: educate.
How much money do you think BO and MO have given back to their schools? How much money do you think other diversity-entrants of Harvard and other Ivies give back to the schools that let them in over more qualified students?
Recessions uncover what auditors do not.