Weekly Market Update

COLUMBIA'S MEDICAL SCHOOL CUTTING STUDENT LOANS

Thursday, April 12, 2018

Columbia University's Medical School will replace student loans with scholarships for qualifying students in the upcoming academic year. The scholarships will be funded through an endowment, which was established out of a single $150 million alumnus donation. The school fast tracked the program after it received several additional donations to the endowment in recent months. Through the new program, twenty percent of the school's students will receive full-tuition scholarships, while many more will have their partial loans converted to scholarships. In the past, students at the medical school were required to borrow around $30,000 a year in combination with other financial aid. Nationally, 73 percent of private medical school students graduate with debt, owing an average of $190,000.

In Other News

Rating Agency Update

  • Moody's assigned A2 to University of Dayton's Series A and Series B Revenue Bonds. The University is entering into a forward delivery bond purchase agreement for the Series B Bonds for delivery on September 4, 2018. The outlook is stable.
  • Moody's assigned Aa3 to College of the Holy Cross's Series 2018A Revenue Bonds. The outlook is stable.
  • S&P assigned AA- to College of the Holy Cross's Series 2018A Revenue Bonds. The outlook is stable.
  • Moody's affirmed St. Michael's College's Baa1 rating. The outlook is revised from stable to negative.
  • Moody's affirmed Augsburg University's Baa3 rating. The outlook is revised from negative to stable.
  • Moody's affirmed Fairmont State University's A2 rating. The outlook is stable.
  • Moody's assigned A1 to the University of Toledo's Series 2018A and Series 2018B General Receipts Bonds. The outlook is stable.
  • S&P assigned A to the University of Toledo's Series 2018A and Series 2018B General Receipts Bonds. The outlook is stable.
  • Moody's downgraded Washington State University's rating from Aa2 to Aa3. The outlook is revised to stable from negative.
  • S&P affirmed Bismarck State College's A rating. The outlook is stable.
  • S&P affirmed Grinnell College's AAA rating. The outlook is stable.
  • S&P assigned BBB- to Barton College's Series 2018A and Series 2018B Revenue Bonds. The outlook is stable.
  • S&P assigned AAA to the University of Virginia's Series 2018 Bonds. The outlook is stable.
  • S&P assigned BBB+ to Lynchburg College's Series 2018A and Series 2018B Revenue Bonds. The outlook is stable.
  • S&P affirmed the University of Puget Sound's A+ rating. The outlook is stable.