The Great Recession, as it came to be known, “exposed weaknesses in policies and management that left some institutions more vulnerable than they should have been,” The Chronicle reported. Hundreds of colleges, we found, were “scrambling for cash to pay their bills and to cover the spiking interest on their debts.” A few halted construction projects; some considered pay cuts or layoffs. Financial recovery took years; by 2010, we later noted, even with a surging stock market, the value of most college endowments remained below their 2007 levels, many by more than 20 percent.
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