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As Credit Crisis Freezes Colleges, Worries Mount
October 3, 2008
Colleges have often considered themselves recession-proof. But last week's events compounded an already-difficult year for many institutions, which have suffered from declining state support, tightening credit, and losses on endowment earnings. As a result, the financial meltdown-with its promise of a prolonged economic downturn-prompted some institutions to take radical steps and wreaked havoc on the way colleges do business.
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