Higher Education Outlook 2023
College and universities continue to confront a dynamic environment in 2023; rising risks will have varying credit impacts
Multiple factors will drive credit conditions for the higher education sector in 2023. These include shifts in student demand along with ability and willingness to pay, macro-economic conditions such as inflation and interest rates, and expense management. Which institutions are better positioned in this environment, and which will feel greater strain?
- Impact of demographics and changing student preferences on enrollment
- Budget management in an inflationary environment with some labor force rigidity
- Trends in capital investment and debt strategies
- Outlook for federal and state funding; government policies
- Credit impact of increasing sector differentiation
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SpeakersSusan Fitzgerald Associate Managing Director – Public Finance Moody's Investors Service
Susan Shaffer Vice President - Senior Credit Officer, US Public Finance Moody's Investors Service
Jared Brewster Vice President - Senior Analyst, US Public Finance Moody's Investors Service
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Susan Fitzgerald is an Associate Managing Director in Moody’s Public Finance Group and manages Moody’s Global Higher Education and Not-for-Profit Ratings Team. The team rates nearly 800 colleges, universities, and not-for-profit institutions worldwide. Susan has extensive public finance experience, serving as a senior analyst on both the higher education and health care ratings teams. She has also been involved in various initiatives related to ESG analysis, charter schools, intercept ratings, and public-private partnerships. Susan originally joined Moody’s in 1994 and rejoined in 2013 after a 6 year hiatus.
Susan’s other prior work experience includes managing the financial advisory practice at a boutique investment banking and advisory firm; serving as commercial credit analyst for a community bank; owning and operating an art gallery and a bed and breakfast; and as the assistant director of development, focused on foundation and corporate relations, for a graduate school.
Susan holds a Master’s degree in International Studies (European Studies and Economics) from The Johns Hopkins University, School of Advanced International Studies. Her A.B. degree in Diplomacy and World Affairs, with a minor in Economics, is from Occidental College, Los Angeles.
Susan Shaffer is a VP-Senior Credit Officer on Moody’s Higher Education and Not-for Profit Team. She covers the ratings of a diverse portfolio of institutions, including Ivy League universities, large public university systems, and nationally prominent not-for profit organizations.
Prior to joining Moody’s, Susan served as Senior Vice President at New York State’s economic development agency, Empire State Development, where she oversaw economic incentive programs for New York State businesses and major educational and not-for profit institutions. Previously, she worked in admissions and marketing in the higher education sector at Tulane University and New York University as well as in recruitment at Ernst and Young Consulting. Susan holds a B.A. in Classics from Tulane University and an M.B.A. from New York University’s Stern School of Business.
Jared Brewster is a Vice President/Senior Analyst for the Higher Education and Notfor-Profits Ratings Team covering higher education and not-for-profit institutions across the United States, with a focus on the Midwest. Prior to joining Moody’s, Jared worked as a Director of Research for a private foundation. Prior to working at the foundation, Jared was a Principal Analyst at the Congressional Budget Office where he was responsible for estimating and projecting debt and interest costs of the federal government. Jared holds an MPA from the University of Delaware and a BA in Political Science from Capital University.