"Facing budget shortfalls due to state cuts, uncertainty over federal support and increasingly acute student needs, the University of California said Friday that it would seek a nearly $130-million zero-interest loan from the state. UC's top finance manager made the emergency request in a letter to the state Department of Finance, asking for fast-tracked approval from lawmakers so the loan could be used during the current fiscal year."
""The university is currently facing myriad budget pressures, particularly as a result of federal actions targeting institutions of higher education and ongoing challenges to the state's fiscal condition," UC Chief Financial Officer Nathan Brostrom wrote. Brostrom said the system surpassed its California resident undergraduate enrollment goal this year by thousands but needs state help to maintain services for those students."
The University of California will seek a nearly $130 million zero-interest loan from the state to address budget shortfalls caused by state funding cuts, federal funding uncertainty and rising student needs. UC's chief financial officer requested fast-tracked approval so the funds can be used during the current fiscal year. The system exceeded its California resident undergraduate enrollment goal by thousands and needs support to maintain services. The loan is intended to be prioritized for one-time student support services that promote student success and timely degree completion. The state deferred a roughly 3% funding cut to 2026-27, and a similar loan was offered to California State University.
Read at Los Angeles Times
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