FAIRFAX, Va. (WDVM) — Virginia’s Governor Ralph Northam announced a refinancing plan to save over $300 million for Virginia colleges.
The higher education refinancing plan will save Virginia’s public colleges and universities more than $300 million over the next two years. According to officials, the Commonwealth will take advantage of low-interest rates by refinancing bonds issued by the Treasury Board of Virginia and the Virginia College Building Authority, which institutions of higher education use for capital projects.
Governor Northam said, “The COVID-19 pandemic continues to have tremendous impacts on higher education. 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.”
As part of his plan, Governor Northam will work with the General Assembly to allow additional flexibility for higher education refinancing during the 2021 General Assembly session.
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