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
-
SpeakersSusan Fitzgerald Managing Director Moody's Ratings
Susan Shaffer Senior Vice President Moody's Ratings
Jared Brewster Vice President - Senior Analyst, US Public Finance Moody's Investors Service
Confirm cancellation
Something went wrong.
An error occurred trying to play the stream. Please reload the page and try again.
CloseMoody's Events
close
Susan Fitzgerald is a Managing Director in Moody’s Ratings Public Finance Group, overseeing the healthcare, higher education, housing and municipal supported products ratings teams. Previously, she managed Moody’s global higher education and nonprofit team, covering over 700 colleges, universities, and nonprofit institutions worldwide. She has also been involved in various initiatives related to ESG analysis, charter schools, and public-private partnerships.
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 manages a portfolio of highly complex higher education and nonprofit institutions across the United States, particularly in the northeastern and southern US. She also oversees the department’s nonprofit sector and special credit and operations projects. In addition, Susan is a regular speaker at a variety of industry conferences and has become widely recognized as one of the leading voices for higher education and nonprofit organization credit nationally. Her authorship of research pieces covers topics such as the higher education outlook, leadership and governance challenges, pricing strategies, and self-liquidity issuance.
Prior to joining Moody’s, Susan managed financial incentive programs that support New York State businesses and major institutions as part of New York State’s economic development agency, Empire State Development. Her higher education sector expertise includes roles in admissions and marketing at Tulane University and New York University. Susan holds an MBA from New York University’s Stern School of Business and a BA in Classics from Tulane University.
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.