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LSU filing for bankruptcy?
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NCeagle Offline
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Post: #1
LSU filing for bankruptcy?
Just saw this article. http://theind.com/article-20797-LSU-to-f...uptcy.html

Haven't heard anything about this until now.
04-23-2015 09:49 AM
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TheEagleWay Offline
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RE: LSU filing for bankruptcy?
Unless Gov. Bobby Jindal and legislators come up with a budget solution very soon, you can cancel just about every ongoing faculty search at LSU and watch as the exodus of faculty accelerates.

Students, especially incoming freshmen who have offers from out-of-state colleges, will start bailing out, too, as it increasingly appears there could be no fall semester at the state’s flagship university.


04-jawdrop
04-23-2015 09:53 AM
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TheEagleWay Offline
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RE: LSU filing for bankruptcy?
To our Louisiana members, what are your thoughts on this? Will you feel the impact of this?
(This post was last modified: 04-23-2015 09:58 AM by TheEagleWay.)
04-23-2015 09:58 AM
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StanMolsonMan Offline
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RE: LSU filing for bankruptcy?
I guess someone's duffel bag stopped showing up in Baton Rouge.
04-23-2015 10:01 AM
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EigenEagle Offline
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RE: LSU filing for bankruptcy?
Sounds like a bunch of grandstanding on the part of both the LSU admin and the state government. Nothing to see here.
04-23-2015 10:02 AM
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SkullyMaroo Online
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Post: #6
RE: LSU filing for bankruptcy?
It just sounds like a political scare tactic to me.
04-23-2015 10:10 AM
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panama Offline
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RE: LSU filing for bankruptcy?
(04-23-2015 10:02 AM)EigenEagle Wrote:  Sounds like a bunch of grandstanding on the part of both the LSU admin and the state government. Nothing to see here.

This
04-23-2015 10:16 AM
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ark30inf Offline
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RE: LSU filing for bankruptcy?
(04-23-2015 10:10 AM)SkullyMaroo Wrote:  It just sounds like a political scare tactic to me.
When city government wants a tax hike they threaten to fire the police and firemen first.

When the IRS wants more funding they cut off the phone help lines first.

This seems similar.
04-23-2015 10:33 AM
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Cajunman02 Offline
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RE: LSU filing for bankruptcy?
Much ado about nothing. The Legislature will make sure the cuts to LSU (and other state-wide universities) are not as drastic as the worst case scenario indicates. There will still be cuts, but this move by King will force the Legislature to make sure that the cuts are not as deep.
04-23-2015 10:41 AM
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Louisiana99 Offline
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RE: LSU filing for bankruptcy?
Pretty sad this state is in the shape it is in considering how much oil and gas we provide this country with.
04-23-2015 10:46 AM
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tapate50 Offline
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RE: LSU filing for bankruptcy?
(04-23-2015 10:46 AM)Louisiana99 Wrote:  Pretty sad this state is in the shape it is in considering how much oil and gas we provide this country with.

Very.
04-23-2015 10:55 AM
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CajunAmos Offline
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RE: LSU filing for bankruptcy?
Guys, you have to realize this is just the latest state budget cut to hit Louisiana's public universities. If I remember correctly, UL's budget cuts over the past 4-5 years is about 50%. Our wonderful legislature has managed to continually make sections of the state budget unable to be cut, so for the recent past education and health bore the brunt of state shortfalls. I think within the last two years they made medical inviolate as well, so now education is the only whipping boy. We're at the point of further cuts probably necessitating the closing of some programs at universities around the state, and those with smaller budgets may have to look at closing colleges within the university. This article specifically looks like a method to cancel tenure for professors which may in fact be necessary if that curriculum is eliminated. A recent report said they may free up universities to set their own tuition rates, which now are regulated by the legislature.

As much as I disliked our former administration for preventing our athletics from growing, he did a good job on the academic side so the university was in great financial shape (no debt) at the point they left. That's what has allowed us to do all the new construction and remodeling on campus while other schools are having trouble with upkeep on existing structures.
04-23-2015 11:12 AM
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gsu95 Offline
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RE: LSU filing for bankruptcy?
Thing is, nobody wants to pay taxes.
04-23-2015 11:56 AM
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Bigtom12 Offline
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RE: LSU filing for bankruptcy?
Most of the state reps, and senators graduated from LSU, also LSU is the state flagship university, and most of the people in Louisiana are LSU fans. I think LSU is playing this political game. LSU will not receive any budget cuts while the rest of the universities will just have to wing it.

By them declaring bankruptcy the state will say that LSU is in crisis and needs to be funded, or LSU is pushing the states hand in funding them.

Rest of the Universities in this state that is already grossly underfunded will have to accept more budget cuts.
04-23-2015 12:18 PM
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glsjunior74 Offline
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RE: LSU filing for bankruptcy?
*in my Jim Rome voice.

"LSU broke....that's awesome"
04-23-2015 12:21 PM
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runamuck Offline
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RE: LSU filing for bankruptcy?
(04-23-2015 12:21 PM)glsjunior74 Wrote:  *in my Jim Rome voice.

"LSU broke....that's awesome"

as lsu is an entity of the state..I dont see the university president doing anything of the kind..just some grandstanding like nancy pelosi saying that thousands of school kids will starve every time the repubs try to cut a cpl. of percent of waste off the federal budget. lsu could make up any deficit by tapping some of the money paid to the coaching staff.
04-23-2015 01:04 PM
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Bobcat87 Offline
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RE: LSU filing for bankruptcy?
(04-23-2015 11:12 AM)CajunAmos Wrote:  Guys, you have to realize this is just the latest state budget cut to hit Louisiana's public universities. If I remember correctly, UL's budget cuts over the past 4-5 years is about 50%. Our wonderful legislature has managed to continually make sections of the state budget unable to be cut, so for the recent past education and health bore the brunt of state shortfalls. I think within the last two years they made medical inviolate as well, so now education is the only whipping boy. We're at the point of further cuts probably necessitating the closing of some programs at universities around the state, and those with smaller budgets may have to look at closing colleges within the university. This article specifically looks like a method to cancel tenure for professors which may in fact be necessary if that curriculum is eliminated. A recent report said they may free up universities to set their own tuition rates, which now are regulated by the legislature.

As much as I disliked our former administration for preventing our athletics from growing, he did a good job on the academic side so the university was in great financial shape (no debt) at the point they left. That's what has allowed us to do all the new construction and remodeling on campus while other schools are having trouble with upkeep on existing structures.

If your legislature allows schools to set their own tuition rates that'll solve the problem; however, look for those rates to skyrocket.
I remember when the Texas Legislature did the same thing here, and the cost of a college education just blew up.
Over time it'll become extremely difficult for the working poor, and even many in the so called "middle class" to provide their kids a college education without taking on a lot of debt . . . .
I don't envy you your situation, and their probably won't be an easy solution that won't cause somebody some financial PAIN . . . .
04-23-2015 01:28 PM
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gsu95 Offline
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RE: LSU filing for bankruptcy?
(04-23-2015 01:28 PM)Bobcat87 Wrote:  If your legislature allows schools to set their own tuition rates that'll solve the problem; however, look for those rates to skyrocket.
I remember when the Texas Legislature did the same thing here, and the cost of a college education just blew up.
Over time it'll become extremely difficult for the working poor, and even many in the so called "middle class" to provide their kids a college education without taking on a lot of debt . . . .
I don't envy you your situation, and their probably won't be an easy solution that won't cause somebody some financial PAIN . . . .

At Southern, a prof told us our tuition covered less than a quarter of what it cost to attend school. Or maybe it was less than half. The rest, she said, was covered by taxpayers -- I think to make us feel we needed to buckle down and work hard, since so much of our education was being publicly funded. Then again, she also took off her shirt one day in class because she felt hot -- and she wasn't one of those women you want taking her shirt off in class. Kinda scary looking.
04-23-2015 01:47 PM
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arkstfan Away
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Post: #19
RE: LSU filing for bankruptcy?
When I went to college, my tuition and fees covered about 1/3rd the cost of me being at AState. My daughter is a sophomore and her tuition and fees cover about 2/3rds of the cost.

The Louisiana situation is fascinating, governor has called for a $2000 fee to be imposed on every student at a state college.

One official suggested that some state schools be spun off and made private colleges just so they could be removed from the state funding budget.
04-23-2015 02:20 PM
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Bobcat87 Offline
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RE: LSU filing for bankruptcy?
(04-23-2015 01:47 PM)gsu95 Wrote:  
(04-23-2015 01:28 PM)Bobcat87 Wrote:  If your legislature allows schools to set their own tuition rates that'll solve the problem; however, look for those rates to skyrocket.
I remember when the Texas Legislature did the same thing here, and the cost of a college education just blew up.
Over time it'll become extremely difficult for the working poor, and even many in the so called "middle class" to provide their kids a college education without taking on a lot of debt . . . .
I don't envy you your situation, and their probably won't be an easy solution that won't cause somebody some financial PAIN . . . .

At Southern, a prof told us our tuition covered less than a quarter of what it cost to attend school. Or maybe it was less than half. The rest, she said, was covered by taxpayers -- I think to make us feel we needed to buckle down and work hard, since so much of our education was being publicly funded. Then again, she also took off her shirt one day in class because she felt hot -- and she wasn't one of those women you want taking her shirt off in class. Kinda scary looking.

Sorry to hear that . .. The taking off her shirt thing . . . I mean . . . . Especially since she wasn't a woman you'd want to take off her shirt . . . .

. . . Clearly the event has left you scared for life . . . . Nothing a little time, money, and therapy can't get you past . . . .04-cheers
04-23-2015 03:37 PM
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