位于芝加哥、以理工科为主的伊利诺伊理工学院计划在截至2028财年期间，从其捐赠基金借入高达2亿美元，以应对国际学生人数下降带来的困境。
The Illinois Institute of Technology, a STEM focused university in Chicago, plans to borrow as much as $200 million from its endowment through fiscal 2028 as it struggles with a decline in international students.
这种大规模从捐赠基金借款的做法并不常见，反映出该校面临的财政压力。此举促使标普全球评级将该大学的信用评级进一步下调至垃圾级，从BB+降至BB，展望负面。预计截至2026财年，该捐赠基金的市场价值为3亿美元。
Such large loans from an endowment are unusual and reflect the fiscal strain that the school is facing. Its plan prompted S&P Global Ratings to slash the university’s credit rating deeper into junk, to BB from BB+, with a negative outlook. The endowment’s market value was projected at $300 million as of fiscal 2026.
由于特朗普政府出台新的移民政策，各高校面临国际学生入学人数下降的问题。高校表示，学生获取签证变得更加困难。
Universities have been contending with enrollment declines among international students due to new immigration policies from President Donald Trump’s administration. Colleges say it’s been harder for students to secure visas.
标普分析师在周四的一份报告中指出，就伊利诺伊理工学院而言：“在2026财年，为了应对入学人数和净学费收入的大幅下滑，董事会批准利用捐赠基金贷款来满足运营现金需求，同时对大学进行重组。管理层预计将在2026财年至2028财年之间提取高达1.98亿美元的捐赠基金贷款以支持运营。”伊利诺伊理工学院的代表未回复置评请求。
“In fiscal 2026, in response to a significant downturn in enrollment and net tuition revenue, the board approved use of endowment loans to fund operating cash needs while the university is restructured,” S&P analysts said about Illinois Tech in a report on Thursday. “Management expects to take up to $198 million in endowment loans between fiscal 2026 and 2028 to support operations.”Representatives for Illinois Tech did not respond to requests for comment.
像伊利诺伊理工学院这样高度依赖外国留学生的学校面临风险。据标普数据，截至2024年秋季，国际学生约占总入学人数的50%，其研究生生源主要来自美国境外。
Schools like Illinois Tech are at risk since they’ve come to rely heavily on students from other countries. International students made up about 50% of total enrollment as of fall 2024, with the majority of its grad students hailing from outside of the US.
标普称，2025年秋季研究生入学人数下降了28%，该大学预计2026年秋季总入学人数将下降16%。
Graduate enrollment fell 28% in fall 2025, according to S&P, and the university is expecting a 16% drop in total enrollment in fall 2026.
这所私立院校提供工程、商业、人类科学和计算机等领域的本科和研究生学位，目前也在寻求在印度拓展业务。据彭博汇编的数据，该校于2025年发行了市政债券，目前有近3亿美元市政债券未偿还。
The private institution offers undergraduate and graduate degrees in engineering, business, human sciences and computing, and is also currently seeking to expand in India. It sold muni bonds in 2025, and has almost $300 million of munis outstanding, according to data compiled by Bloomberg.
标普分析师表示，如果伊利诺伊理工学院的表现超出预算预期或收到捐赠赠款，该校可能会减少对捐赠基金贷款的使用。该校计划在2028财年后偿还贷款。
Illinois Tech may reduce the use of endowment loans if it outperforms its budget expectations or receives donor gifts, S&P analysts said. It plans to pay back the loans after fiscal 2028.