Blue Rose Advisors Blog

Higher Education Rating Agency Medians – Some Stabilization in FY 2023, but Enrollment and Operational Challenges Remain

By now, colleges and universities are quite familiar with the unique challenges that changes to the FAFSA (Free Application for Federal Student Aid) pose to financial aid offices for 2024-25. Typically available to prospective students beginning in October, the Department of Education delayed the new FAFSA rollout until late December for this admission cycle

In fiscal 2021, private universities saw major positive developments that buoyed their credit positions in the wake of the COVID-19 pandemic. In particular, strong investment returns across the many asset classes provided for significant growth in cash and investments for most universities, and pandemic-related government aid provided support for operations

Faced with unprecedented disruptions to “status quo” methods of operation last March, colleges and universities have adapted admirably on the fly, shifting students to remote or hybrid learning solutions while managing expenses to compensate for revenue losses from various sources, including housing and auxiliaries, athletics, and overall headcount

With the passage of tax reform in late 2017, refinancing opportunities for municipal borrowers took a significant hit due to the elimination of tax-exempt advance refundings

Rule 15c2-12 requires underwriters of municipal securities to determine that issuers and obligated persons have entered into an agreement to provide continuing disclosure information to the MSRB on an ongoing basis