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Trustees Give IU Their OK To Borrow Up To $1B Amid Pandemic

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BLOOMINGTON, Ind. (AP) — Trustees at Indiana University have allowed school leaders to borrow up to $1 billion to counter a potential budget shortfall due to the coronavirus pandemic.

The trustees approved the request Friday. University spokesman Chuck Carney says the university is in good financial shape, but the request offers peace of mind for the university to continue operations during difficult times.

The university’s largest source of revenue is tuition. The school remains in operation during the pandemic, but has stopped in-person classes for the spring and summer.