University of Oklahoma president says $1B debt not uncommon

NORMAN, Okla. – The president of the University of Oklahoma says the school’s nearly $1 billion debt is large but comparable to similar public universities.

The Oklahoman reports President David Boren’s Wednesday statement followed earlier remarks by his successor, who starts July 1. Incoming president Jim Gallogly said Tuesday that the school is losing $36 million a year with the Norman campus almost $1 billion in debt.

Boren says the debt amount is close in scope to similarly rated public universities such as Oklahoma State University, especially those that don’t receive funding support from the state.

OSU spokesman Gary Shutt said Thursday that the university’s bonded indebtedness totals $809 million.

Gallogly said on Tuesday that the University of Oklahoma needs to “put our house in order” before asking the state for more money.

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Information from: The Oklahoman, http://www.newsok.com