Weekly Market Update
NYU TO OFFER FREE TUITION TO MEDICAL STUDENTS
Thursday, August 23, 2018
New York University announced that its medical school will be tuition-free for all current and future students, hoping to address a growing shortage of doctors in less-lucrative areas of practice, such as primary care, pediatrics, and gynecology. Daunting student debt is one explanation for the choice many medical school graduates make to pursue higher-paying specialties, although many have expressed skepticism that free tuition alone will remedy the shortfall. While the plan will waive tuition, which averages $55,000 per year, it does not cover other costs of attendance, which average $27,000. NYU plans to fund this initiative by drawing on its $600 million endowment.
In Other News
- Both Texas A&M and Texas Tech University have announced plans to expand their respective veterinary medicine programs in Amarillo, Texas, seeking to address Texas' shortage of large-animal veterinarians.
- The White House announced that President Trump will nominate Robert L. King as assistant secretary of higher education at the U. S. Department of Education. King currently serves as president of the Kentucky Council on Postsecondary Education.
- The University of Akron received harsh criticism from the American Association of University Professors (AAUP) after announcing last week that it will eliminate 80 degree programs while launching new varsity and recreational eSports programs .
- Saint Louis University plans to place Amazon Echo devices in every dorm room on campus. The devices will enable students to ask campus-related questions such as "What time does the library close?".
- The University of Colorado's Anschutz Medical Campus received a $120 million gift from The Anschutz Foundation. The gift will be used to partially fund a new health sciences building and to recruit and retain employees.
- The SEC recently amended its Rule 15c2-12, requiring issuers of municipal securities to disclose debt incurred outside of the municipal market.
Rating Agency Update
- Moody's affirmed Cisco College's A3 rating. The outlook is revised from negative to stable.
- Moody's assigned A1 rating to the Rhode Island School of Design's proposed Series 2018 Revenue Bonds. The outlook is stable.
- Moody's affirmed University of the Incarnate Word's A3 rating. The outlook is revised from stable to negative.
- Moody's assigned Aa3 rating to Montana State University's Series F 2018 Revenue Bonds. The outlook is stable.
- Moody's affirmed Northwest Missouri State's University's A3 rating. The outlook is stable.
- Moody's downgraded Beloit College's rating from Baa2 to Ba1. The outlook is revised from stable to negative.
- S&P affirmed Manhattan College's Series 2017 Revenue Bonds' A- rating. The outlook is stable.
- S&P affirmed University of St. Thomas' Series 2012 Revenue Refunding Bonds' BBB+ rating. The outlook is revised from stable to negative.
- S&P assigned AAA to Purdue University's Series DD Student-Fee Bonds. The outlook is stable.
- S&P affirmed the A- rating on Bradley University's Series 2017C Revenue Bonds. The outlook is stable.