Louisiana State University Prepares for Bankruptcy
In light of an upcoming state legislature decision by Louisiana lawmakers, Louisiana State University has begun planning its “financial exigency” as it looks into bankruptcy.
The state legislature is still discussing its proposed cuts to higher education, where schools in the state could find themselves facing an 82% decrease in funding. The plan is called a “financial exigency,” and it carries the same weight as filing for bankruptcy.
This drop in funding has LSU making financial preparations much akin to filing for bankruptcy. State lawmakers are trying to find a way to make up for a budget failing of $1.6 billion. For LSU, this means that 1,400 jobs, 1,500 courses, 28 academic programs, and even the accreditation of several campuses will possibly be cut in response to the drop in funding.
State lawmakers are still deciding on which version of the bill to approve. In some versions, only graduate programs are affected. In others, needs-based families wouldn’t be affected by the cuts. However, no matter which route lawmakers choose, LSU knows that times of harder financial struggle are on the way, and they’re looking to the equivalent of bankruptcy to stay afloat.
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