The shuttering of a rural university reveals a surprising source of its financing
From The Hechinger Report: “When Iowa Wesleyan University announced in March that it would close, its biggest creditor was a federal government agency that had loaned it $26 million … It was the Department of Agriculture. … The USDA has been loaning tens of millions of dollars to rural colleges and universities, some of which couldn’t get financing from conventional lenders or whose budgets are so precarious that the Education Department has placed them under additional financial scrutiny. This support, through a program set up to promote rural economic development and from the federal agency that works the most with rural places, underscores how important local universities and colleges are to those communities — and the vulnerability of a growing number of them.”View the full article from The Hechinger Report.
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