Quinn OKs letting universities borrow up to 9

[title1parent]

www.suntimes.com/news/politics/2370722,CST-NWS-univ09.article

Quinn OKs letting universities borrow up to 9%

June 9, 2010

BY STEVE CONTORNO Sun-Times Springfield Bureau
SPRINGFIELD -- Gov. Quinn signed off Tuesday on a plan that gives universities the authority to borrow money at a time when the state owes them hundreds of millions of dollars in backlogged bills.

Under the law, state universities can borrow up to 75 percent of the money the deadbeat state has yet to dole out for fiscal year 2010. However, to take advantage of the new measure, the universities' boards of trustees must act within 90 days and can't borrow at an interest rate greater than 9 percent.

" tool that we have to help our universities across Illinois . . . is to give them the power to borrow money at a prudent interest rate to manage their fiscal affairs during a time of crisis," Quinn said.

Since July of last year, Illinois has fallen behind $724 million in payments to its universities. At $366.5 million, the University of Illinois makes up the largest chunk of those bills, according to the state comptroller's office.

[incognito]

Ok, so now tution will need to be increased to cover the interst payments and Illinios already has the most expensive public university system in the nation. New high school grads are going out of state for cheaper, or close the same price, as instate schools- Central Michigan and the University of Minnesota---I am sure there are many more, as well. Not being a native to Illinois , I am encouraging my kids to get out of the state and not come back. The future of Illinois is very bleak for our young people. I don't regret coming here 18 years ago, but it's not the same place it was back then.

[southsidesignmaker]

Incognito, I agree our state has changed much in the last 18 years, as has the nation at large. Let me ask, if the young people leave and don't pick up the torch... who will be left to do so. Please let me know the states you are telling your children to consider. As I feel our state can still be very competitive under the right circumstances.

[incognito]

My oldest is now a College freshman and his carrer desire (at this point) will take him all around the county. My youngest will graduate in 6 years. I haven't done the research yet, but will in the upcoming years, as I have no desire to stay here any longer myself. A good example is the state I am from: Minnesota. Sure the weather sucks and that is a very good reason. However, they have the 5th lowest unemployment in the nation. They consistently rank as one of the healthiest states in the nation as well. College education is very affordable and that includes a major Big Ten college.

On the high school side: Hockey has always been a Varsity sport and Lacrosse was added a couple years ago. Academics are comparable to here. The negative is they have open enrollment--state tax dollars go to a pool. I have seen the turn in the District where I attended school due to this. THe key is to move into a growing area so there aren't 'empty' seats to fill randomly.

The adults- I could go into party lines here-have made a total mess of Illinios. Don't we have 1 governor in jail for corruption (RYAN) and another on the way? Really, it is not up to the young people to go audit the state's checkbook. Seriously?