1 in 4 State Colleges Spent More Than They Took in Over 5 Years
Tuition costs are rising, but colleges don’t just make money off the fees they charge their students.
Along with endowments and athletics, state schools depend on public funding from their states to meet operational costs. But according to the latest LendingTree analysis, 24.6% of state schools operated in the red between 2017 and 2021 — the last five fiscal years for which data was available. That percentage dipped to 20.1% when looking solely at 2021.
Worse yet, a lack of funding can cause tuition rates (and the resulting student loan debt) to rise even more as schools struggle to make ends meet — which can make a college education even more inaccessible to lower-income students and their families. Here’s a closer look at our findings.
Key findings
- 24.6% of the state schools analyzed spent more than they took in over the five fiscal years between 2017 and 2021. That equated to 131 of 533 state schools. The University of New Hampshire at Manchester was the most underfunded — at 34.1% — in this period. If you narrow the focus to the 2021 fiscal year — the latest available — 107 of the 533, or 20.1%, were in the red. In 2021, CUNY City College in New York had a massive 106.0% deficit — the biggest by nearly 45 percentage points.
- New York had the highest rate of state schools running at a deficit between the 2017 and 2021 fiscal years. In New York, 73.7% (or 28 of 38) of state schools operated in the red in this period, followed by Pennsylvania (71.4%, or 10 of 14), Connecticut (66.7%, or four of six), New Mexico (66.7%, or four of six) and Hawaii (66.7%, or two of three). Note that three institutions in Pennsylvania and four in Connecticut weren’t included in our analysis due to missing data.
- New Mexico shifted to the top spot when looking at 2021 alone. In New Mexico, 100.0% (or six of six) state schools ran at a deficit in 2021. It was followed by Hawaii (66.7%, or two of three), New York (52.6%, or 20 of 38) and Georgia (52.6%, or 10 of 19).
- Six states’ schools ran at a combined deficit over the five fiscal years analyzed. Mississippi was in the red by the most (7.6%, or $1.4 billion), followed by Connecticut (4.9%, or $845.2 million), New Mexico (2.8%, or $477.0 million) and New York (1.7%, or $1.2 billion). Another two states — Hawaii and Pennsylvania — finished in the red by less than half a percentage.
- That total dipped to three states’ schools in the 2021 fiscal year alone. New Mexico again shifted to the top of the 2021 list, at 22.2%, or $854.0 million. It was followed by Connecticut (13.3%, or $484.9 million) and New York (2.4%, or $354.9 million). Hawaii was slightly in the red (by $221,000) but rounded to a 0.0% deficit.
- Half of the 10 most underfunded state schools between 2017 and 2021 were Minority-Serving Institutions (MSIs). This was more common in 2021 alone, as nine of the 10 most underfunded state schools that fiscal year were MSIs.
25% of state schools operated in red over 5 years
Over the five fiscal years between 2017 and 2021, 131 of the 533 studied schools (24.6%) operated at a deficit. The University of New Hampshire at Manchester had the highest five-year deficit at 34.1%, followed by two schools in the City University of New York (CUNY) system: City College (31.2%) and the John Jay College of Criminal Justice (21.2%).
CUNY and SUNY (State University of New York) schools were well-represented: Seven of the 15 schools with the deepest five-year deficits are part of the state’s public university systems. Looking beyond our studied period, funding cuts from the city of New York totaled $155 million in fiscal year 2023, with more slated for the 2024, 2025 and 2026 fiscal years — so the problem will get worse rather than better.
Most underfunded public colleges between the 2017 and 2021 fiscal years
Institution | State | 5-year revenues | 5-year expenses | 5-year net revenues | 5-year deficit |
---|---|---|---|---|---|
University of New Hampshire at Manchester | New Hampshire | $67,662,776 | $90,764,292 | -$23,101,516 | -34.1% |
CUNY City College | New York | $2,353,070,825 | $3,087,347,678 | -$734,276,853 | -31.2% |
CUNY John Jay College of Criminal Justice | New York | $1,463,765,822 | $1,773,992,065 | -$310,226,243 | -21.2% |
Rutgers University-Camden | New Jersey | $997,574,000 | $1,169,245,000 | -$171,671,000 | -17.2% |
University of Mississippi | Mississippi | $10,749,387,348 | $12,556,365,323 | -$1,806,977,975 | -16.8% |
Charter Oak State College | Connecticut | $86,620,377 | $98,484,938 | -$11,864,561 | -13.7% |
CUNY Medgar Evers College | New York | $688,661,401 | $780,793,616 | -$92,132,215 | -13.4% |
SUNY Maritime College | New York | $335,401,433 | $376,948,291 | -$41,546,858 | -12.4% |
New Mexico State University-Main Campus | New Mexico | $2,228,938,561 | $2,455,743,752 | -$226,805,191 | -10.2% |
SUNY at Fredonia | New York | $595,870,932 | $655,547,275 | -$59,676,343 | -10.0% |
SUNY College at Potsdam | New York | $519,863,928 | $567,825,458 | -$47,961,530 | -9.2% |
California State University Maritime Academy | California | $357,951,370 | $390,356,702 | -$32,405,332 | -9.1% |
New College of Florida | Florida | $238,302,819 | $258,576,486 | -$20,273,667 | -8.5% |
California State University-Fresno | California | $2,205,552,796 | $2,376,295,700 | -$170,742,904 | -7.7% |
SUNY Buffalo State | New York | $1,146,863,802 | $1,234,231,637 | -$87,367,835 | -7.6% |
Missouri Western State University | Missouri | $353,068,383 | $379,558,610 | -$26,490,227 | -7.5% |
SUNY College of Agriculture and Technology at Cobleskill | New York | $350,409,342 | $376,247,101 | -$25,837,759 | -7.4% |
New Mexico Institute of Mining and Technology | New Mexico | $727,651,688 | $780,759,522 | -$53,107,834 | -7.3% |
CUNY Lehman College | New York | $1,211,181,313 | $1,298,736,458 | -$87,555,145 | -7.2% |
SUNY College of Technology at Delhi | New York | $342,709,940 | $367,430,638 | -$24,720,698 | -7.2% |
University of Connecticut | Connecticut | $12,944,653,502 | $13,874,967,039 | -$930,313,537 | -7.2% |
Mansfield University of Pennsylvania | Pennsylvania | $245,454,222 | $262,295,812 | -$16,841,590 | -6.9% |
Shepherd University | West Virginia | $270,406,047 | $287,006,158 | -$16,600,111 | -6.1% |
SUNY College of Environmental Science and Forestry | New York | $467,120,774 | $494,564,968 | -$27,444,194 | -5.9% |
Minot State University | North Dakota | $275,828,254 | $291,872,739 | -$16,044,485 | -5.8% |
SUNY at Purchase College | New York | $693,582,461 | $731,923,581 | -$38,341,120 | -5.5% |
SUNY College at Old Westbury | New York | $521,460,771 | $549,745,565 | -$28,284,794 | -5.4% |
California State University-San Marcos | California | $1,393,744,811 | $1,469,078,905 | -$75,334,094 | -5.4% |
New Mexico Highlands University | New Mexico | $353,018,555 | $372,070,338 | -$19,051,783 | -5.4% |
Shippensburg University of Pennsylvania | Pennsylvania | $704,645,943 | $742,443,476 | -$37,797,533 | -5.4% |
CUNY York College | New York | $647,776,545 | $681,656,889 | -$33,880,344 | -5.2% |
The University of West Florida | Florida | $1,212,231,030 | $1,275,595,738 | -$63,364,708 | -5.2% |
Henderson State University | Arkansas | $303,865,782 | $319,491,584 | -$15,625,802 | -5.1% |
Clarion University of Pennsylvania | Pennsylvania | $514,332,464 | $540,442,026 | -$26,109,562 | -5.1% |
Coppin State University | Maryland | $432,602,515 | $454,057,926 | -$21,455,411 | -5.0% |
New Jersey City University | New Jersey | $827,151,910 | $867,928,833 | -$40,776,923 | -4.9% |
SUNY College at Geneseo | New York | $671,346,337 | $703,938,544 | -$32,592,207 | -4.9% |
California State University-Monterey Bay | California | $978,193,480 | $1,024,900,776 | -$46,707,296 | -4.8% |
University of Central Missouri | Missouri | $972,404,023 | $1,018,043,753 | -$45,639,730 | -4.7% |
University of Illinois Springfield | Illinois | $599,350,978 | $626,362,003 | -$27,011,025 | -4.5% |
Edinboro University of Pennsylvania | Pennsylvania | $555,721,756 | $580,563,754 | -$24,841,998 | -4.5% |
SUNY Downstate Health Sciences University | New York | $4,018,491,037 | $4,194,849,142 | -$176,358,105 | -4.4% |
Southeast Missouri State University | Missouri | $876,021,945 | $914,314,383 | -$38,292,438 | -4.4% |
Keene State College | New Hampshire | $514,545,991 | $536,887,097 | -$22,341,106 | -4.3% |
SUNY College of Technology at Canton | New York | $352,652,805 | $367,817,054 | -$15,164,249 | -4.3% |
University of Wisconsin-Stout | Wisconsin | $741,393,818 | $772,462,865 | -$31,069,047 | -4.2% |
University of West Georgia | Georgia | $1,128,526,149 | $1,174,729,407 | -$46,203,258 | -4.1% |
Lander University | South Carolina | $305,512,867 | $317,613,010 | -$12,100,143 | -4.0% |
Georgia Southwestern State University | Georgia | $238,353,253 | $247,746,458 | -$9,393,205 | -3.9% |
Northern Kentucky University | Kentucky | $1,253,303,000 | $1,302,637,000 | -$49,334,000 | -3.9% |
California State University-Bakersfield | California | $1,047,701,953 | $1,086,742,367 | -$39,040,414 | -3.7% |
SUNY College at Plattsburgh | New York | $704,670,731 | $730,239,948 | -$25,569,217 | -3.6% |
Kutztown University of Pennsylvania | Pennsylvania | $882,285,743 | $914,060,698 | -$31,774,955 | -3.6% |
University of Wisconsin-Superior | Wisconsin | $267,838,343 | $277,381,293 | -$9,542,950 | -3.6% |
Southwest Minnesota State University | Minnesota | $262,475,000 | $271,688,000 | -$9,213,000 | -3.5% |
SUNY Cortland | New York | $842,251,711 | $871,540,360 | -$29,288,649 | -3.5% |
University of Alaska Anchorage | Alaska | $1,409,919,521 | $1,457,907,127 | -$47,987,606 | -3.4% |
SUNY College at Oswego | New York | $982,027,205 | $1,015,193,337 | -$33,166,132 | -3.4% |
California State University-San Bernardino | California | $1,788,437,044 | $1,848,573,259 | -$60,136,215 | -3.4% |
University of Montevallo | Alabama | $354,952,472 | $366,569,424 | -$11,616,952 | -3.3% |
California Polytechnic State University-San Luis Obispo | California | $2,888,076,882 | $2,982,016,957 | -$93,940,075 | -3.3% |
College of Staten Island CUNY | New York | $1,073,558,749 | $1,107,905,066 | -$34,346,317 | -3.2% |
State University of New York at New Paltz | New York | $928,945,595 | $958,564,272 | -$29,618,677 | -3.2% |
William Paterson University of New Jersey | New Jersey | $1,139,494,293 | $1,175,685,499 | -$36,191,206 | -3.2% |
Sul Ross State University | Texas | $282,327,092 | $291,097,000 | -$8,769,908 | -3.1% |
Dickinson State University | North Dakota | $139,016,764 | $143,201,330 | -$4,184,566 | -3.0% |
Lock Haven University | Pennsylvania | $420,460,738 | $432,670,517 | -$12,209,779 | -2.9% |
University of Hawaii at Hilo | Hawaii | $589,203,915 | $606,181,249 | -$16,977,334 | -2.9% |
California State University-Sacramento | California | $2,922,445,963 | $3,006,097,911 | -$83,651,948 | -2.9% |
SUNY Empire State College | New York | $634,853,640 | $652,292,430 | -$17,438,790 | -2.7% |
Missouri Southern State University | Missouri | $383,426,654 | $393,688,542 | -$10,261,888 | -2.7% |
Minnesota State University Moorhead | Minnesota | $494,229,000 | $507,041,000 | -$12,812,000 | -2.6% |
Massachusetts College of Liberal Arts | Massachusetts | $248,434,687 | $254,525,821 | -$6,091,134 | -2.5% |
SUNY Oneonta | New York | $767,703,865 | $786,309,202 | -$18,605,337 | -2.4% |
Northern Illinois University | Illinois | $2,747,912,331 | $2,812,286,863 | -$64,374,532 | -2.3% |
San Francisco State University | California | $2,909,995,415 | $2,976,016,380 | -$66,020,965 | -2.3% |
Clayton State University | Georgia | $468,604,978 | $479,073,252 | -$10,468,274 | -2.2% |
University of Wisconsin-Oshkosh | Wisconsin | $902,495,357 | $922,115,070 | -$19,619,713 | -2.2% |
Middle Georgia State University | Georgia | $545,614,712 | $557,399,810 | -$11,785,098 | -2.2% |
Medical University of South Carolina | South Carolina | $4,044,118,306 | $4,129,877,902 | -$85,759,596 | -2.1% |
SUNY Brockport | New York | $938,828,512 | $958,677,336 | -$19,848,824 | -2.1% |
San Jose State University | California | $3,220,114,095 | $3,288,072,793 | -$67,958,698 | -2.1% |
Winona State University | Minnesota | $742,907,000 | $757,743,000 | -$14,836,000 | -2.0% |
Bridgewater State University | Massachusetts | $1,060,185,639 | $1,081,057,361 | -$20,871,722 | -2.0% |
CUNY Queens College | New York | $1,592,024,534 | $1,622,600,464 | -$30,575,930 | -1.9% |
Saint Cloud State University | Minnesota | $981,363,000 | $998,794,000 | -$17,431,000 | -1.8% |
Western Connecticut State University | Connecticut | $734,671,892 | $747,392,645 | -$12,720,753 | -1.7% |
Kentucky State University | Kentucky | $365,153,170 | $371,450,934 | -$6,297,764 | -1.7% |
Sonoma State University | California | $1,215,349,936 | $1,236,207,455 | -$20,857,519 | -1.7% |
Mayville State University | North Dakota | $121,970,799 | $123,977,725 | -$2,006,926 | -1.6% |
Southern Connecticut State University | Connecticut | $1,262,745,091 | $1,283,234,162 | -$20,489,071 | -1.6% |
Thomas Edison State University | New Jersey | $365,161,671 | $370,688,859 | -$5,527,188 | -1.5% |
CUNY Graduate School and University Center | New York | $1,820,805,755 | $1,847,908,857 | -$27,103,102 | -1.5% |
University of New Mexico-Main Campus | New Mexico | $12,855,527,338 | $13,042,582,524 | -$187,055,186 | -1.5% |
Rutgers University-Newark | New Jersey | $2,338,384,000 | $2,371,648,000 | -$33,264,000 | -1.4% |
Missouri State University-Springfield | Missouri | $1,771,954,869 | $1,796,431,081 | -$24,476,212 | -1.4% |
California State University-Long Beach | California | $3,324,541,111 | $3,370,312,891 | -$45,771,780 | -1.4% |
Black Hills State University | South Dakota | $251,294,954 | $254,525,006 | -$3,230,052 | -1.3% |
The College of New Jersey | New Jersey | $1,255,908,000 | $1,271,072,000 | -$15,164,000 | -1.2% |
Montclair State University | New Jersey | $2,263,242,000 | $2,289,680,000 | -$26,438,000 | -1.2% |
Louisiana State University and Agricultural & Mechanical College | Louisiana | $6,015,572,726 | $6,079,788,613 | -$64,215,887 | -1.1% |
Glenville State University | West Virginia | $129,994,568 | $131,212,339 | -$1,217,771 | -0.9% |
Valdosta State University | Georgia | $908,585,260 | $916,422,456 | -$7,837,196 | -0.9% |
California State University-Northridge | California | $3,432,258,860 | $3,459,523,835 | -$27,264,975 | -0.8% |
Minnesota State University-Mankato | Minnesota | $1,233,064,000 | $1,242,681,000 | -$9,617,000 | -0.8% |
Eastern Illinois University | Illinois | $952,424,866 | $959,034,272 | -$6,609,406 | -0.7% |
Indiana University-Bloomington | Indiana | $8,418,156,017 | $8,475,770,121 | -$57,614,104 | -0.7% |
Columbus State University | Georgia | $641,945,357 | $646,032,624 | -$4,087,267 | -0.6% |
Western Illinois University | Illinois | $1,310,901,488 | $1,319,149,444 | -$8,247,956 | -0.6% |
Georgia College & State University | Georgia | $843,166,651 | $847,889,404 | -$4,722,753 | -0.6% |
Georgia Southern University | Georgia | $2,269,723,765 | $2,281,333,037 | -$11,609,272 | -0.5% |
University of Idaho | Idaho | $2,073,501,580 | $2,083,899,025 | -$10,397,445 | -0.5% |
University of Maine at Presque Isle | Maine | $106,238,000 | $106,730,000 | -$492,000 | -0.5% |
University of Minnesota-Morris | Minnesota | $263,168,926 | $264,297,555 | -$1,128,629 | -0.4% |
Bloomsburg University of Pennsylvania | Pennsylvania | $940,043,054 | $943,947,039 | -$3,903,985 | -0.4% |
University of Maryland Global Campus | Maryland | $2,173,984,881 | $2,182,940,456 | -$8,955,575 | -0.4% |
Texas A&M University-Texarkana | Texas | $256,977,854 | $257,992,665 | -$1,014,811 | -0.4% |
University of Louisiana at Lafayette | Louisiana | $1,770,671,200 | $1,777,089,746 | -$6,418,546 | -0.4% |
University of North Georgia | Georgia | $1,235,757,150 | $1,240,024,318 | -$4,267,168 | -0.3% |
Midwestern State University | Texas | $608,642,045 | $610,498,612 | -$1,856,567 | -0.3% |
University of North Florida | Florida | $1,548,337,114 | $1,553,050,600 | -$4,713,486 | -0.3% |
West Chester University of Pennsylvania | Pennsylvania | $1,573,246,884 | $1,577,607,845 | -$4,360,961 | -0.3% |
California University of Pennsylvania | Pennsylvania | $697,974,393 | $699,773,084 | -$1,798,691 | -0.3% |
Farmingdale State College | New York | $865,253,591 | $867,207,174 | -$1,953,583 | -0.2% |
San Diego State University | California | $3,622,613,714 | $3,630,424,024 | -$7,810,310 | -0.2% |
University of Hawaii at Manoa | Hawaii | $5,192,897,300 | $5,203,452,359 | -$10,555,059 | -0.2% |
The Evergreen State College | Washington | $506,096,613 | $507,063,982 | -$967,369 | -0.2% |
California State University-Fullerton | California | $3,352,577,369 | $3,357,581,795 | -$5,004,426 | -0.1% |
Truman State University | Missouri | $562,495,288 | $563,136,075 | -$640,787 | -0.1% |
University of South Florida | Florida | $7,132,261,081 | $7,139,664,696 | -$7,403,615 | -0.1% |
Millersville University of Pennsylvania | Pennsylvania | $812,096,931 | $812,507,804 | -$410,873 | -0.1% |
Source: LendingTree analysis of Integrated Postsecondary Education Data System (IPEDS) data from the National Center for Education Statistics (NCES). Notes: This list was limited to four-year or greater institutions under primary control of their states that primarily offer baccalaureate degrees or higher. School names are displayed as styled in the IPEDS database.
When the focus was narrowed to only fiscal year 2021 — the last for which data was available — CUNY City College took the No. 1 spot, with a deficit of 106.0%, or $580.8 million. However, the most underfunded list in this case is headlined not by New York but by New Mexico, which had five of the 10 state schools with the deepest deficits during this period.
In addition, some schools high on the 2017-to-2021 list fell off based on the last year alone, including Rutgers University-Camden and the University of Mississippi.
Most underfunded public colleges in the 2021 fiscal year
Institution | State | Revenues | Expenses | Net revenues | Deficit |
---|---|---|---|---|---|
CUNY City College | New York | $548,166,643 | $1,129,002,242 | -$580,835,599 | -106.0% |
New Mexico State University-Main Campus | New Mexico | $455,946,400 | $735,688,845 | -$279,742,445 | -61.4% |
CUNY John Jay College of Criminal Justice | New York | $354,879,769 | $537,789,499 | -$182,909,730 | -51.5% |
New Mexico Institute of Mining and Technology | New Mexico | $143,539,492 | $196,692,244 | -$53,152,752 | -37.0% |
CUNY Medgar Evers College | New York | $144,286,761 | $197,089,386 | -$52,802,625 | -36.6% |
New Mexico Highlands University | New Mexico | $71,870,326 | $96,784,628 | -$24,914,302 | -34.7% |
Eastern New Mexico University-Main Campus | New Mexico | $89,618,283 | $114,205,205 | -$24,586,922 | -27.4% |
CUNY New York City College of Technology | New York | $245,597,268 | $312,541,542 | -$66,944,274 | -27.3% |
Western New Mexico University | New Mexico | $56,758,070 | $71,591,314 | -$14,833,244 | -26.1% |
New College of Florida | Florida | $49,481,698 | $60,662,479 | -$11,180,781 | -22.6% |
Charter Oak State College | Connecticut | $19,033,084 | $23,256,465 | -$4,223,381 | -22.2% |
University of New Hampshire at Manchester | New Hampshire | $14,152,809 | $17,129,263 | -$2,976,454 | -21.0% |
University of Connecticut | Connecticut | $2,704,897,278 | $3,235,148,266 | -$530,250,988 | -19.6% |
Keene State College | New Hampshire | $99,243,121 | $115,847,211 | -$16,604,090 | -16.7% |
CUNY Lehman College | New York | $290,379,276 | $338,259,943 | -$47,880,667 | -16.5% |
Mansfield University of Pennsylvania | Pennsylvania | $44,800,816 | $51,927,411 | -$7,126,595 | -15.9% |
University of Minnesota-Rochester | Minnesota | $22,272,703 | $25,780,040 | -$3,507,337 | -15.7% |
University of New Mexico-Main Campus | New Mexico | $3,027,111,000 | $3,483,927,893 | -$456,816,893 | -15.1% |
California State University-Monterey Bay | California | $196,858,145 | $223,105,236 | -$26,247,091 | -13.3% |
California State University-Sacramento | California | $615,659,211 | $688,364,939 | -$72,705,728 | -11.8% |
The University of West Florida | Florida | $221,350,345 | $247,290,920 | -$25,940,575 | -11.7% |
University of California-Santa Cruz | California | $848,226,000 | $946,642,000 | -$98,416,000 | -11.6% |
Lock Haven University | Pennsylvania | $75,425,442 | $84,092,347 | -$8,666,905 | -11.5% |
San Diego State University | California | $752,927,736 | $831,863,246 | -$78,935,510 | -10.5% |
Georgia College & State University | Georgia | $160,989,197 | $177,258,626 | -$16,269,429 | -10.1% |
SUNY at Purchase College | New York | $122,812,687 | $134,609,134 | -$11,796,447 | -9.6% |
California State University Maritime Academy | California | $67,799,259 | $74,289,898 | -$6,490,639 | -9.6% |
SUNY Maritime College | New York | $63,836,579 | $69,837,252 | -$6,000,673 | -9.4% |
Clarion University of Pennsylvania | Pennsylvania | $102,922,078 | $112,265,554 | -$9,343,476 | -9.1% |
University of West Georgia | Georgia | $222,535,510 | $241,461,218 | -$18,925,708 | -8.5% |
Northern Kentucky University | Kentucky | $255,368,000 | $276,291,000 | -$20,923,000 | -8.2% |
University of Florida-Online | Florida | $21,488,000 | $23,240,000 | -$1,752,000 | -8.2% |
Peru State College | Nebraska | $27,572,952 | $29,748,134 | -$2,175,182 | -7.9% |
SUNY College at Potsdam | New York | $97,331,363 | $104,923,106 | -$7,591,743 | -7.8% |
SUNY Buffalo State | New York | $223,468,889 | $240,189,856 | -$16,720,967 | -7.5% |
San Jose State University | California | $684,989,037 | $733,024,646 | -$48,035,609 | -7.0% |
Florida Polytechnic University | Florida | $59,570,240 | $63,650,405 | -$4,080,165 | -6.8% |
Winona State University | Minnesota | $139,187,000 | $148,317,000 | -$9,130,000 | -6.6% |
Saint Cloud State University | Minnesota | $176,364,000 | $187,788,000 | -$11,424,000 | -6.5% |
Lander University | South Carolina | $70,789,216 | $75,316,460 | -$4,527,244 | -6.4% |
The College of New Jersey | New Jersey | $229,064,000 | $243,422,000 | -$14,358,000 | -6.3% |
SUNY Downstate Health Sciences University | New York | $763,214,231 | $809,779,481 | -$46,565,250 | -6.1% |
Columbus State University | Georgia | $123,584,319 | $131,068,161 | -$7,483,842 | -6.1% |
Minot State University | North Dakota | $56,568,933 | $59,917,274 | -$3,348,341 | -5.9% |
University of Illinois Springfield | Illinois | $123,429,874 | $130,426,597 | -$6,996,723 | -5.7% |
Western Connecticut State University | Connecticut | $144,168,590 | $152,163,274 | -$7,994,684 | -5.5% |
Dalton State College | Georgia | $49,326,239 | $52,025,905 | -$2,699,666 | -5.5% |
Longwood University | Virginia | $136,457,147 | $143,859,458 | -$7,402,311 | -5.4% |
SUNY Oneonta | New York | $143,921,319 | $151,576,727 | -$7,655,408 | -5.3% |
California State Polytechnic University-Pomona | California | $527,082,268 | $554,645,190 | -$27,562,922 | -5.2% |
SUNY College of Technology at Delhi | New York | $68,241,868 | $71,793,653 | -$3,551,785 | -5.2% |
California State University-Bakersfield | California | $232,579,529 | $244,452,113 | -$11,872,584 | -5.1% |
University of Maryland-Baltimore County | Maryland | $434,177,367 | $455,899,688 | -$21,722,321 | -5.0% |
Southwest Minnesota State University | Minnesota | $53,128,000 | $55,768,000 | -$2,640,000 | -5.0% |
SUNY College at Geneseo | New York | $128,756,409 | $135,078,373 | -$6,321,964 | -4.9% |
Sonoma State University | California | $238,789,122 | $249,776,866 | -$10,987,744 | -4.6% |
Georgia Gwinnett College | Georgia | $156,307,613 | $163,266,650 | -$6,959,037 | -4.5% |
California State University-San Marcos | California | $297,015,441 | $309,438,496 | -$12,423,055 | -4.2% |
SUNY College of Environmental Science and Forestry | New York | $97,806,255 | $101,810,794 | -$4,004,539 | -4.1% |
California State University-San Bernardino | California | $370,553,289 | $385,524,091 | -$14,970,802 | -4.0% |
Bemidji State University | Minnesota | $75,446,000 | $78,261,000 | -$2,815,000 | -3.7% |
SUNY at Fredonia | New York | $115,496,924 | $119,713,989 | -$4,217,065 | -3.7% |
SUNY Cortland | New York | $166,515,938 | $172,431,812 | -$5,915,874 | -3.6% |
University of Hawaii-West Oahu | Hawaii | $55,827,591 | $57,670,754 | -$1,843,163 | -3.3% |
University of Science and Arts of Oklahoma | Oklahoma | $21,373,797 | $22,015,707 | -$641,910 | -3.0% |
San Francisco State University | California | $580,800,666 | $597,509,780 | -$16,709,114 | -2.9% |
Western Illinois University | Illinois | $251,570,257 | $258,502,159 | -$6,931,902 | -2.8% |
Louisiana State University and Agricultural & Mechanical College | Louisiana | $1,271,684,251 | $1,301,689,384 | -$30,005,133 | -2.4% |
Oklahoma Panhandle State University | Oklahoma | $23,419,334 | $23,964,864 | -$545,530 | -2.3% |
University of New Orleans | Louisiana | $162,039,454 | $165,744,650 | -$3,705,196 | -2.3% |
Miami University-Hamilton | Ohio | $31,577,557 | $32,296,386 | -$718,829 | -2.3% |
University of Hawaii at Hilo | Hawaii | $121,093,944 | $123,624,148 | -$2,530,204 | -2.1% |
University of North Georgia | Georgia | $265,242,651 | $270,271,133 | -$5,028,482 | -1.9% |
Northeastern State University | Oklahoma | $108,123,964 | $110,165,581 | -$2,041,617 | -1.9% |
Kentucky State University | Kentucky | $89,918,347 | $91,614,391 | -$1,696,044 | -1.9% |
Northern Illinois University | Illinois | $560,773,809 | $571,332,239 | -$10,558,430 | -1.9% |
University of Central Florida | Florida | $1,333,298,212 | $1,357,116,776 | -$23,818,564 | -1.8% |
Francis Marion University | South Carolina | $78,122,531 | $79,507,645 | -$1,385,114 | -1.8% |
Georgia Southern University | Georgia | $452,438,264 | $460,233,291 | -$7,795,027 | -1.7% |
Bowie State University | Maryland | $147,441,792 | $149,904,927 | -$2,463,135 | -1.7% |
Louisiana State University-Shreveport | Louisiana | $88,793,486 | $90,172,410 | -$1,378,924 | -1.6% |
University of South Florida | Florida | $1,540,004,965 | $1,562,591,496 | -$22,586,531 | -1.5% |
University of Oregon | Oregon | $1,031,701,039 | $1,046,482,259 | -$14,781,220 | -1.4% |
University of Maryland Global Campus | Maryland | $449,018,355 | $455,399,854 | -$6,381,499 | -1.4% |
California State Polytechnic University-Humboldt | California | $199,856,054 | $202,471,527 | -$2,615,473 | -1.3% |
Cameron University | Oklahoma | $58,932,929 | $59,698,211 | -$765,282 | -1.3% |
Southern Illinois University-Edwardsville | Illinois | $429,950,162 | $435,379,129 | -$5,428,967 | -1.3% |
Shippensburg University of Pennsylvania | Pennsylvania | $144,976,139 | $146,775,532 | -$1,799,393 | -1.2% |
The University of Montana | Montana | $347,940,706 | $351,625,683 | -$3,684,977 | -1.1% |
Kennesaw State University | Georgia | $588,241,051 | $593,900,160 | -$5,659,109 | -1.0% |
College of Staten Island CUNY | New York | $230,989,346 | $233,198,724 | -$2,209,378 | -1.0% |
College of Charleston | South Carolina | $277,805,736 | $280,352,050 | -$2,546,314 | -0.9% |
Edinboro University of Pennsylvania | Pennsylvania | $105,653,665 | $106,555,432 | -$901,767 | -0.9% |
Jacksonville State University | Alabama | $166,753,080 | $168,155,651 | -$1,402,571 | -0.8% |
SUNY College at Old Westbury | New York | $107,377,015 | $108,169,839 | -$792,824 | -0.7% |
Midwestern State University | Texas | $130,178,016 | $131,104,295 | -$926,279 | -0.7% |
Mississippi University for Women | Mississippi | $52,510,810 | $52,870,596 | -$359,786 | -0.7% |
Towson University | Maryland | $434,995,071 | $437,920,423 | -$2,925,352 | -0.7% |
Texas A&M University-Central Texas | Texas | $45,160,392 | $45,462,501 | -$302,109 | -0.7% |
University of Georgia | Georgia | $1,702,373,642 | $1,712,599,588 | -$10,225,946 | -0.6% |
Louisiana State University-Alexandria | Louisiana | $33,962,157 | $34,136,410 | -$174,253 | -0.5% |
Montana Technological University | Montana | $61,556,318 | $61,819,864 | -$263,546 | -0.4% |
Southern Illinois University-Carbondale | Illinois | $834,311,216 | $837,563,327 | -$3,252,111 | -0.4% |
University of Alaska Anchorage | Alaska | $259,363,923 | $260,339,413 | -$975,490 | -0.4% |
Medical University of South Carolina | South Carolina | $904,374,960 | $906,897,834 | -$2,522,874 | -0.3% |
State University of New York at New Paltz | New York | $182,022,643 | $182,518,028 | -$495,385 | -0.3% |
SUNY College of Agriculture and Technology at Cobleskill | New York | $73,100,171 | $73,170,448 | -$70,277 | -0.1% |
Source: LendingTree analysis of IPEDS data from the NCES. Notes: This list was limited to four-year or greater institutions under primary control of their states that primarily offer baccalaureate degrees or higher. School names are displayed as styled in the IPEDS database.
New York had highest rate of state schools running at deficit between 2017 and 2021; New Mexico topped 2021-specific list
Of New York’s 38 public colleges, 28 ran at a deficit between 2017 and 2021. That’s 73.7% of its state-funded schools running in the red.
During that period, the runner-up was Pennsylvania, with 10 of its 14 schools (71.4%) running at a deficit. The schools in the commonwealth that ran the most in the red during that period were Mansfield University of Pennsylvania at 6.9% and Shippensburg University of Pennsylvania at 5.4%.
States with the highest rate of underfunded public colleges between the 2017 and 2021 fiscal years
State | Schools | Schools with 5-year deficit | % of schools with 5-year deficit |
---|---|---|---|
New York | 38 | 28 | 73.7% |
Pennsylvania | 14 | 10 | 71.4% |
Connecticut | 6 | 4 | 66.7% |
New Mexico | 6 | 4 | 66.7% |
Hawaii | 3 | 2 | 66.7% |
New Jersey | 13 | 7 | 53.8% |
North Dakota | 6 | 3 | 50.0% |
Minnesota | 12 | 6 | 50.0% |
Georgia | 19 | 9 | 47.4% |
California | 32 | 15 | 46.9% |
Missouri | 13 | 6 | 46.2% |
New Hampshire | 5 | 2 | 40.0% |
Alaska | 3 | 1 | 33.3% |
Illinois | 12 | 4 | 33.3% |
Florida | 13 | 4 | 30.8% |
Idaho | 4 | 1 | 25.0% |
Kentucky | 8 | 2 | 25.0% |
Wisconsin | 13 | 3 | 23.1% |
West Virginia | 9 | 2 | 22.2% |
South Dakota | 6 | 1 | 16.7% |
Washington | 6 | 1 | 16.7% |
South Carolina | 13 | 2 | 15.4% |
Massachusetts | 13 | 2 | 15.4% |
Maryland | 13 | 2 | 15.4% |
Maine | 7 | 1 | 14.3% |
Mississippi | 8 | 1 | 12.5% |
Louisiana | 16 | 2 | 12.5% |
Arkansas | 9 | 1 | 11.1% |
Indiana | 13 | 1 | 7.7% |
Texas | 41 | 3 | 7.3% |
Alabama | 14 | 1 | 7.1% |
Source: LendingTree analysis of IPEDS data from the NCES. Note: This list was limited to four-year or greater institutions under primary control of their states that primarily offer baccalaureate degrees or higher.
Looking at 2017 to 2021, Connecticut, New Mexico and Hawaii tied for third at 66.7%, though the sample sizes were far smaller than in New York and Pennsylvania.
The story changed when focusing on data exclusively from fiscal year 2021, where New Mexico led with 100.0% of its six schools running at a deficit. In addition, New York dropped to third, even though more than half (52.6%) of its state-funded universities ran in the red.
Hawaii ranked second, with two of its three public schools (66.7%) running at a deficit in 2021: the University of Hawaii-West Oahu at 3.3% and the University of Hawaii at Hilo at 2.1%.
States with the highest rate of underfunded public colleges in the 2021 fiscal year
State | Schools | Schools with 2021 deficit | % of schools with 2021 deficit |
---|---|---|---|
New Mexico | 6 | 6 | 100.0% |
Hawaii | 3 | 2 | 66.7% |
New York | 38 | 20 | 52.6% |
Georgia | 19 | 10 | 52.6% |
Connecticut | 6 | 3 | 50.0% |
Florida | 13 | 6 | 46.2% |
Minnesota | 12 | 5 | 41.7% |
Illinois | 12 | 5 | 41.7% |
California | 32 | 13 | 40.6% |
New Hampshire | 5 | 2 | 40.0% |
Pennsylvania | 14 | 5 | 35.7% |
Alaska | 3 | 1 | 33.3% |
Montana | 6 | 2 | 33.3% |
South Carolina | 13 | 4 | 30.8% |
Maryland | 13 | 4 | 30.8% |
Oklahoma | 14 | 4 | 28.6% |
Kentucky | 8 | 2 | 25.0% |
Louisiana | 16 | 4 | 25.0% |
North Dakota | 6 | 1 | 16.7% |
Oregon | 7 | 1 | 14.3% |
Nebraska | 7 | 1 | 14.3% |
Mississippi | 8 | 1 | 12.5% |
New Jersey | 13 | 1 | 7.7% |
Alabama | 14 | 1 | 7.1% |
Virginia | 15 | 1 | 6.7% |
Ohio | 16 | 1 | 6.3% |
Texas | 41 | 2 | 4.9% |
Source: LendingTree analysis of IPEDS data from the NCES. Note: This list was limited to four-year or greater institutions under primary control of their states that primarily offer baccalaureate degrees or higher.
Mississippi schools ran at highest combined deficit over 5 years, while New Mexico schools led 2021 list
While New York and New Mexico, respectively, led for the highest percentage of publicly funded universities running at deficits between 2017 and 2021 and during 2021 alone, Mississippi had the highest total deficit over the five studied years.
Mississippi schools had revenues that were $1.4 billion below operating costs between 2017 and 2021, representing a five-year deficit of 7.6%. The University of Mississippi had the highest deficit in the state during that period — higher, in fact, than the statewide deficit, at $1.8 billion, or 16.8%.
States with the highest combined public college deficits between the 2017 and 2021 fiscal years
State | 5-year revenues | 5-year expenses | 5-year net revenues | 5-year deficit |
---|---|---|---|---|
Mississippi | $18,913,125,611 | $20,342,040,389 | -$1,428,914,778 | -7.6% |
Connecticut | $17,223,310,083 | $18,068,553,817 | -$845,243,734 | -4.9% |
New Mexico | $16,845,492,475 | $17,322,490,512 | -$476,998,037 | -2.8% |
New York | $69,858,387,609 | $71,032,535,752 | -$1,174,148,143 | -1.7% |
Hawaii | $6,058,079,945 | $6,084,596,572 | -$26,516,627 | -0.4% |
Pennsylvania | $10,268,755,813 | $10,309,631,122 | -$40,875,309 | -0.4% |
Source: LendingTree analysis of IPEDS data from the NCES. Note: This list was limited to four-year or greater institutions under primary control of their states that primarily offer baccalaureate degrees or higher.
Again, things shifted when looking solely at data from 2021 — New Mexico led with a statewide deficit of $854.0 million, or 22.2%. Connecticut stayed in second, as it did in the fuller data set — though its deficit rose to 13.3% in 2021 rather than the 4.9% it saw over the five years.
For both periods, the Connecticut school with the highest deficit was Charter Oak State College, which came up $11.8 million short between 2017 and 2021 (a deficit of 13.7%) and $4.2 million short in 2021 alone (a deficit of 22.2%).
States with the highest combined public college deficits in the 2021 fiscal year
State | Revenues | Expenses | Net revenues | Deficit |
---|---|---|---|---|
New Mexico | $3,844,843,571 | $4,698,890,129 | -$854,046,558 | -22.2% |
Connecticut | $3,631,894,086 | $4,116,748,266 | -$484,854,180 | -13.3% |
New York | $14,999,896,049 | $15,354,752,295 | -$354,856,246 | -2.4% |
Hawaii | $1,178,972,820 | $1,179,194,198 | -$221,378 | 0.0% |
Source: LendingTree analysis of IPEDS data from the NCES. Note: This list was limited to four-year or greater institutions under primary control of their states that primarily offer baccalaureate degrees or higher.
Underfunded schools list includes significant number of Minority-Serving Institutions
Many of the schools on the underfunded list are Minority-Serving Institutions — those specifically geared toward helping underserved racial populations access higher education and its socioeconomic benefits.
For instance, from the 2017-to-2021 data set, the institutions with the second-, third- and fourth-highest deficits — CUNY City College, CUNY John Jay College of Criminal Justice and Rutgers University-Camden, respectively — are part of the Asian American and Native American Pacific Islander-Serving Institutions (AANAPISI) program. (The two CUNY institutions are also Hispanic-Serving Institutions, or HSIs).
The school in that data set with the seventh-highest deficit, CUNY Medgar Evers College, is a Predominantly Black Institution (PBI), while the ninth-highest, New Mexico State University-Main Campus, is also an HSI.
Such institutions are scattered across both lists. In the five-year data set, 31 HSIs are represented, along with:
- 21 AANAPISIs
- 3 PBIs
- 2 Historically Black Colleges or Universities (HBCUs)
- 2 Alaska Native and Native Hawaiian-Serving Institutions (ANNHs)
- 1 Native American-Serving Nontribal Institution (NASNTI)
In 2021, nine of the top 10 schools on the list are MSIs, as are 41 of the 107 schools that appear on the list overall.
Understanding the impact of schools being underfunded
Since tuition makes up a large portion of universities’ revenue, schools across the U.S. were already suffering from the COVID-era decline in enrollment, says LendingTree student loan expert Michael Kitchen.
“As colleges run short on money, they usually raise tuition,” he says — which could lead even fewer students to enroll. (While many colleges are also funded by endowments, these tend to be slightly higher at private schools than public ones.)
In addition, revenue shortages can cause colleges to depress faculty salaries, which can make it difficult for schools to attract and retain talented educators.
Indeed, students have been moving away from liberal arts and humanities programs: Many schools have seen precipitous drops in students enrolled as English majors, for instance. (Such students are often forced to focus on securing a well-paying job rather than choosing a major based on mind expansion or passion — largely in service to paying off their resultant debt.)
So it’s not a leap to say that the underfunding of public universities, coupled with the skyrocketing cost of tuition, could change the shape of American education — it already has.
Methodology
LendingTree researchers compared revenue and expenditure data from the 2017 through 2021 fiscal years of 533 qualifying state institutions to determine which were run at a deficit for all five years combined, as well as 2021 individually.
To be included in the analysis, institutions had to:
- Be identified as a four-year public institution that primarily grants baccalaureate degrees or above
- Be under the primary control of its state
- Have the relevant information available in the Integrated Postsecondary Education Data System (IPEDS) from the National Center for Education Statistics (NCES)
With federally funded schools in Washington, D.C., as an exception, locally, federally and territorially controlled institutions were excluded, as were the following state institutions for which relevant data wasn’t available:
- Arizona State University Digital Immersion (Arizona)
- University of Connecticut (Waterbury, Avery Point, Stamford and Hartford campuses, Connecticut)
- Purdue University Global (Indiana)
- Oregon State University-Cascades campus (Oregon)
- Pennsylvania State University (Pennsylvania)
- Lincoln University (Pennsylvania)
- Temple University (Pennsylvania)
- Texas Tech University Health Sciences Center (El Paso campus, Texas)
- University of Washington (Bothell and Tacoma campuses, Washington)
- West Virginia University Institute of Technology (West Virginia)
- University of Wisconsin (Milwaukee Flex and Parkside Flex campuses, Wisconsin)
Researchers analyzed the 2023 list of Minority-Serving Institutions (MSIs) from the U.S. Department of Education, via the Rutgers Center for Minority Serving Institutions.