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Originally Posted by 33girl
I know that the reason they're closing is because they couldn't get the loan, but why did they need the loan to begin with? Did they have a huge enrollment decline or was it Covid related or what?
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It's rather a longish story and a tad complicated. One, they always had a high tuition but they would give excellent scholarships to almost everyone. Also, as a Methodist school, PKs could attend free. They funded all this with their very nice endowment. Then they hired a retired Marine General as president and he went on a spending spree. 2008 Recession hit. Then they decided to do away with the crazy big tuition reduced by paying scholarships from the endowment and just lower their tuition. They also went from Club sports to NCAA ones. By the time they figured it all out, the endowment had lost triple digit $$$ and they could no longer sustain it. At least the Rolling Stone didn't come do an expose' like they did for the county's sewer debt! However, the NYT did....
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