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The growing cost of covering debt is keeping UMass’ five campuses from hiring faculty, staff and putting money into projects.
It’s also driving up tuition fees for students, according to UMass President Robert Caret.
During a State House hearing Wednesday, Caret members of the House Committee on Bonding, Capital Expenditures and State Assets the looming debt was untenable.
According to State House News Service reports, Caret said the UMass system – with five campuses, 16,000 employees, 68,200 students and a $2.7 billion operating budget – shoulders 85 percent of costs associated with borrowing to support construction and renovation of buildings and facilities.
UMass has seen a 17 percent enrollment growth over the last five years but has been dealing with a long backlog of maintenance projects.
