Moody's Investors Service recently has downgraded the credit ratings of several liberal arts colleges, including Morehouse, Oberlin and Wellesley. The ratings service points to a high reliance on tuition and has advised the schools to diversify their income beyond tuition, endowments and donations. "It's like a car dealership being sales-of-car dependent. I mean, it's our industry, what do you want us to do?" said Oberlin's vice president for finance, Ronald Watts.
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