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Northam proposes saving colleges $300 million by restructuring higher education debt
Richmond Times-Dispatch: Gov. Ralph Northam is throwing a lifeline to Virginia’s public colleges and universities, which would save $300 million over the next two years through the proposed restructuring of their debt for capital projects as they struggle with the costs of the COVID-19 pandemic.
Northam unveiled the plan at George Mason University on Tuesday. The Fairfax-based institution would save $58.3 million under the governor’s proposal, primarily through deferred payments on state-backed debt, as well as bonds issued through the Virginia College Building Authority that are backed by revenues from university fees.
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