Michigan College Is Latest Small US School to Struggle Financially
- Albion College saw its municipal bonds fall into distress
- New leadership developed three-year plan to eliminate deficit
Albion College, a small liberal arts school in rural Michigan, is the latest school to fall into financial distress.
The private school violated a municipal debt covenant after its ratios for debt coverage and liquidity for the fiscal year 2023 fell below their required levels, according to a filing dated Wednesday.