A Small Catholic College's Closure Hints at More to Come
- Holy Names University defaults on debts amid economic strain
- More distress coming for higher-ed in 2023, analysts say
Students walk on a university campus.
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Economic strains that have pushed a number of colleges and universities to the brink show no signs of stopping, with Holy Names University in Oakland, California, the first to default on its debt in 2023.
The Roman Catholic school with fewer than 1,000 students defaulted on a $49 million loan, according to a Jan. 3 filing, after the almost 155-year-old institution announced it would be closing its doors at the end of the academic year.