New president boosts University of Akron's financial mood

Stefanie Botelho's picture
Thursday, August 14, 2014

Scott Scarborough's name doesn't carry the same cache as Jim Tressel, the former Ohio State football coach who also vied for the top job at the University of Akron. But what he lacks in championship rings, Scarborough makes up for in impressive financial turnarounds โ€” just what's needed at the University of Akron.

Overall, the financial picture for higher education is a challenging one, particularly for public colleges and universities. State support hasn't kept up with increasing expenses and affordability concerns have prospective students reconsidering higher education altogether. At Akron, those problems are compounded because of the hefty amount of debt โ€” about $382 million worth โ€” the university still has on the books from a dramatic campus overhaul carried out under former president Luis Proenza, who stepped down in June after 15 years on the job.

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