Posted on 04/24/2015 1:41:36 PM PDT by SeekAndFind
Proving it's not only small, private, liberal-arts colleges that are susceptible to financial distress, Louisiana State University (LSU) announced that it's in the midst of drawing up a financial exigency plan.
Bloomberg News, which reported the development, called the plan "equivalent to a college bankruptcy" and noted that it would let LSU fire tenured faculty and restructure its finances.
The Baton Rouge-based university with over 30,000 students is drafting the plan, in part, because the most recently proposed budgetary cuts by Louisiana Governor Bobby Jindal threaten to severely impact the higher-education system in the state. The governor's plans would cut the budgets for Louisiana's colleges and universities to the tune of 82%, according to Bloomberg.
The president and chancellor of LSU, F. King Alexander, stressed the bankruptcy plan was essential since there has been little movement in the state's legislature to make updates to the budget.
"We don't say that to scare people," Alexander was quoted as saying in The Times-Picayune. "Basically, it is how we are going to survive."
(Excerpt) Read more at businessinsider.com ...
I can’t believe a South Eastern Conference team could go bankrupt.
Bullsh!+ move to punish the conservative governor.
“The governor’s plans would cut the budgets for Louisiana’s colleges and universities to the tune of 82%, according to Bloomberg.”
Oh BS. They are just trying to stampede the herd.
it would let LSU fire tenured faculty and restructure its finances.
Of course, kids will get a far better education there than at many state colleges in the same tuition range.
When my girls went there in late 90s early 00s Hillsdale had a lot of scholarships for a lot of situations. With those scholarships it didn’t cost any more to go there than to our state’s flagship gov’t university.
Low acceptance rate with a pricey tuition produces top notch students.
However there are loan programs and scholarships available. I recently read about an inner city kid in Detroit winning a full ride scholarship to Hillsdale.
Hillsdale isn’t a typical college town either.
The budget isn’t being cut 82%. Leave it to Bloomberg to carry this lie.
You can bet that the educational staff will be the first to go; by the time the “administration” has a single person laid off students will be bringing their own toilet paper - and taking it home after it’s used, too!
As long as it doesn’t impact the football program, there shouldn’t be much push-back.
State funding has gone up a tiny little bit under Jindal. Basically, aid to institutions has been cut, and aid to needy students has gone up. Institutions will have to raise tuition, and will have to compete for student dollars. This means SOME departments and their staff will be eliminated because they are not in demand by students. LSU is saying that they will eliminate departments and fire faculty who have tenure. Actually, LSU would be stupid to eliminate departments and fire faculty that are in demand. That’s where the money is (well, other than SEC football). Furthermore, ending the privileged position of faculty with no students and shifting funds to needy students sounds like social justice to me.
Yes, this little bit of deceptive writing caught my eye:
“The governor's plans would cut the budgets for Louisiana's colleges and universities to the tune of 82%, according to Bloomberg.”
So “cut...to the tune of 82%” sounds like a cut of 82%, but carefully parsed means a cut of 18%.
Hillsdale isn’t a typical college town either.
__________________
What do you mean?
1) Fire all teachers whose only classes are "___ Studies."
2) Require the remaining staff to teach at least 20 hours per week.
3) Eliminate all "____ Centers" and withdraw all financial support for non-academic clubs and organizations.
4) Eliminate 25% of administrative staff.
5) Eliminate useless majors such as "____ Studies," since there will be no teachers for them anyway.
6) Let Masters' candidates teach all courses at the "100" or survey level.
7) Apply in-state tuition rate only to residents of the state. Apply out-of-state tuition rate to residents of other states. Apply even higher rate to residents of foreign countries. Refuse to admit foreign students who cannot prove they are in the country legally.
8) Stop giving scholarships for ridiculous sports and activities no one cares about.
9) Stop subsidizing art, plays, and exhibitions that demean, degrade, or otherwise insult the United States or its cherished institutions.
10) Do not give degrees to athletes whose only demonstrable academic achievement is a learned ability to cheat on tests.
# 11. No support from Taxpayers!
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.