Debt knocks on university doors

The Toronto Sun reports that Canada’s universities and colleges must radically transform the way they do business or they will fail, according to a new study. Government belt-tightening, market weakness and falling private donations mean there are fewer funds available to the higher education sector, Deloitte Canada said Tuesday.

“As funding dries up, some universities are heading into debt for the first time,” says Louise Upton, partner and Canadian Higher Education leader at Deloitte. “This is constraining dollars for classroom delivery and research, creating tension among different departments for scarce financial resources.”

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