Northam announces refinancing plan which will save Virginia colleges more than $300 million

Virginia News

RICHMOND, Va. (WRIC) — Today, Gov. Ralph Northam announced a new refinancing plan that will save Virginia’s public colleges and universities more than $300 million over the next two years.

The governor said the coronavirus outbreak has hit businesses and public colleges hard. However, he said interest rates have dropped to record lows across the country.

To take advantage of this, they are refinancing bonds issued by the Treasury Board of Virginia and the Virginia College Building Authority, which institutions of higher education use for capital projects.

“The COVID-19 pandemic continues to have tremendous impacts on higher education, including the fiscal health of our colleges and universities,” Northam said. “Families all over the country are taking advantage of record low interest rates to refinance their home mortgages, and we want our public institutions to benefit as well. Refinancing will free up millions of dollars in savings allowing our colleges and universities to make critical investments, meet the needs of Virginia students, and continue offering a world-class education.”

The following savings are expected:

  • Christopher Newport University: $14.4 million
  • George Mason University: $58.3 million
  • James Madison University: $43.7 million
  • Longwood University: $8.2 million
  • Norfolk State University: $8.2 million
  • Old Dominion University: $29.8 million
  • Radford University: $5.1 million
  • Richard Bland College of William & Mary: $320,000
  • University of Mary Washington: $9.3 million
  • University of Virginia: $344,000
  • Virginia Commonwealth University: $23.1 million
  • Virginia Community College System: $9.7 million
  • Virginia Military Institute: $2.8 million
  • Virginia Polytechnic Institute and State University: $40.1 million
  • Virginia State University: $12.8 million
  • William & Mary: $33.7 million

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