New College seeks $47.5M in loans ahead of USF Sarasota-Manatee transfer deadline

New College of Florida will seek state approval Friday to borrow up to $47.5 million to assume debt from the University of South Florida s Sarasota-Manatee campus and refinance its own housing debt, under a plan that would raise student housing rates. The State University System s Board of Governors is scheduled to consider the proposal after New College Trustees approved it. Staff recommend approval despite the plan s departures from several state borrowing guidelines. Of the $47.5 million, about $28.6 million would go toward paying off debt on Atala Hall, a 200-bed residence hall and student center acquired from USF. Another $15.8 million would pay off existing New College housing debt, with the rest covering reserves and financing costs, according to the board s project summary. New College says Atala Hall will help address a housing shortage that has forced it to place some students in hotels and off-campus apartments. The building already housed 186 New College students this fall.