A Texas community college is expected to default on more than $700 million in debt as a result of an $11 billion funding round.
According to the Wall Street Journal, the $7.5 billion Community College of the Brazos Valley is expected be $300 million in arrears by the end of next month.
The school has a $2.2 billion budget and is under new management.
The school’s president, Mike Rolle, has already announced that he will resign as president.
In addition to the arrearages, the school has also filed for bankruptcy.
According the Journal, it is unclear what kind of payments the school might be making to fund the shortfall.
The community college has not yet issued a statement on the matter.