Ohio’s public universities are ($6.5B) indebted to building booms

It seems like all those fancy new buildings on college campuses are stretching the wallet beyond its means. According to The Dayton Daily News, Ohio’s 14 public universities owe $6.5 billion in debt; mostly from “building booms.” The universities created pockets of debt from new building and expansions projects like University of Cincinnati’s $80 million football stadium of OSU’s  $1.1 billion medical center expansion. OSU has also accrued the highest amount of university debt, with over $2.6 billion owed.

The universities have numerous plans for paying off the money, but some have suggested that a capping policy on how much money universities can borrow be instituted. (deb)

(Total) outstanding debt for Ohio public universities:

• $2,805,418,204 (2004)
• $6,725,378,204 (2014)

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Breakdown of debt by university:

• The Ohio State University
  • $814,606,000 (2004)
  • $2,605,528,000 (2014)
• Miami University
  • $93,151,622 (2004)
  • $641,065,000 (2014)
• Wright State University
  • $16,484,121 (2004)
  • $641,065,000 (2014)
• University of Cincinnati
  • $894,596,000 (2004)
  • $1,236,000,000 (2014)
• Central State University
  • $2,535,821 (2004)
  • $17,781,501 (2014)
• Youngstown State University
  • $13,680,000 (2004)
  • $70,710,037 (2014)
• Northeast Ohio Medical University
  • $0 (2004)
  • $40,649,167 (2014)
• The University of Akron
  • $204,729,516 (2004)
  • $487,101,792 (2014)
• Bowling Green State University
  • $84,400,000 (2004)
  • $147,100,000 (2014)
• Ohio University
  • $171,300,000 (2004)
  • $332,900,000 (2014)
• The University of Toledo
  • $176,097,000 (2004)
  • $332,549,000 (2014)
• Kent State University
  • $279,351,000 (2004)
  • $506,455,000 (2014)
• Cleveland State University
  • $54,487,124 (2004)
  • $205,581,517 (2014)

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