New College approves $47M loan for USF Sarasota-Manatee debt and campus transfer

New College's president and trustees approved a plan on Tuesday to secure a $47 million loan. This loan is intended to pay off debt related to the University of South Florida Sarasota-Manatee campus, according to the Tampa Bay Times.

The plan also involves transferring the USF campus, though specific details on the transfer were not provided in the report. This move represents a significant financial decision for New College.

Florida's Board of Governors must still approve the plan before it can proceed. The proposed loan deviates from the state's usual guidelines, indicating a unique approach to managing the debt.

This development impacts higher education in the Tampa Bay area, particularly concerning New College and USF Sarasota-Manatee. The community and stakeholders will be watching for the Board of Governors' decision next.