Low net tuition revenue growth, the end of federal pandemic aid, and inflation pose risks to public and private universities. The strongest, with strong brand, good student outcomes, and significant wealth, will maintain or even increase their strength. But deficits will emerge or increase for a growing number of universities as expense growth outpaces revenue growth
- Weak demographic trends persist, but hurt certain geographic areas and types of institutions more than others
- Evolving admissions landscape and changing student preferences introduce more enrollment and financial volatility
- Expense pressures exacerbated by rising labor costs
- Mergers, closures, bankruptcies: last resort options may increase as stress closes in
- Federal and state support continue to bolster the industry
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SpeakersSusan Fitzgerald Managing Director Moody's Ratings
Emily Raimes Associate Managing Director Moody's Ratings
Michael Osborn Vice President – Senior Credit Officer Moody's Ratings
Susan Shaffer Senior Vice President Moody's Ratings
Sanjay Motwani Assistant Vice President Moody’s Ratings
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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.
Emily Raimes is an Associate Managing Director in Moody’s Ratings Public Finance Group, overseeing the global higher education and nonprofit team, covering over 700 colleges, universities, and nonprofit institutions worldwide.
Previously, she managed the States Team, covering state credits across the US. Prior to joining Moody’s in 2006, Emily spent seven years at the New York City Office of Management and Budget, working primarily in Economic Analysis. Emily holds a BA degree in government from Wesleyan University and a Master’s in Public Administration from New York University.
Michael Osborn covers a diverse portfolio of colleges and universities as well as a variety of not-for-profit organizations primarily in the Midwest and Western United States. Michael has authored various sector related publications, including the Higher Education Outlook and extensive research on the impact of cyber security in higher education. His higher education experience extends to time spent in banking and working directly for a small liberal arts college. Michael was a Vice President in the Education and Not-for-Profit practice at Wells Fargo Bank. He was also the Senior Director of Admissions and Financial Aid at a private college. Michael holds an MBA from Fordham University and a BA from Michigan State University
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.
Sanjay Motwani is an Assistant Vice President in Moody’s Public Finance Group and is responsible for a diverse portfolio of higher education and not-for-profit credits across the United States.
Prior to joining the team, Sanjay served as Audit Manager at Moody’s with a focus on leading operational reviews across MIS credit rating services. Previously, he worked within Internal Audit at New York University and Chubb Limited. Sanjay holds an MBA from New York University’s Stern School of Business and a BS from Rutgers University in Finance and Economics