The University of California San Diego is blunting the damage from $84.2 million in state budget cuts with a plan to borrow nearly half that amount from internal funds… Drake declined to provide details on the source of the loan or its terms. The university won’t pay interest on the loan, Drake said, but will give up money it would have earned in an interest-bearing account… UC officials in Oakland said they are unaware of any UC campuses using loans to deal with funding cuts, but campuses can make that decision on their own. "We don’t know about any loan at UC San Diego," said Steve Montiel, spokesman for the UC Office of the President. "But we and the campuses aren’t ruling out any financial options these days." UCSD Academic Senate Chair Bill Hodgkiss said the university will have five years to pay back the loan.

Read full article [here].
by Eleanor Yang Su, The San Diego Union-Tribune.

Posted: October 7th, 2009, by: admin. Categories: . Awaiting Comments.