Watching their endowments go south, their fundraising slow, and access to credit dry up, many colleges and universities are in crisis-planning mode, the Boston Globe reports. Some schools may have to freeze hiring and halt new construction, as Boston University did Tuesday, or raise tuition. Pricier schools are predicting fewer applicants in a weakening economy.
Credit will be harder to secure, for both colleges and students, potentially exacerbating the downturn. A rough financial patch for higher education is also likely to have ripple effects in student-heavy areas like Boston, as construction projects are canceled and students tighten their belts.