The Rare Debt-Free College

Monmouth University (NJ) has spent $168 million on construction in the last decade, building new facilities and updating existing structures—all without incurring debt. With an endowment of around $135 million, Monmouth doesn’t have deep pockets. And it isn’t just the generosity of donors alone that has allowed Monmouth to add to its campus without taking out loans; it’s a steadfast commitment to operating with little to no debt on the balance sheet. While most financially healthy higher ed institutions tend to carry some level of debt, Monmouth is unusual in resisting the urge to borrow even as it continues to develop its campus and invest in student aid.