Late Payments to Arizona Universities Cause Financial Uncertainty

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December state payments to Arizona’s three public Universities were finally made on January 21, 2010.  The Arizona Republic is reporting that the payment did not include the amount owed the universities from the general fund; only the tuition held by the state was remitted.

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University officials are concerned that continued late payments may affect the bond ratings for the Universities as well as possibly endanger federal aid.  Arizona cut $231.5 million from higher education in 2009.  Regents will be meeting to consider raising tuition further.  To read more about the effect of budget woes on Arizona’s Universities, see the articles below.

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State finally pays schools, Arizona Daily Wildcat, January 22, 2010

State makes payment of $47M to universities, Arizona Daily Star, January 22,2010

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