U.S. elite colleges have looming money problem: report

NEW YORK, Dec. 25 (Xinhua) -- U.S. elite universities are facing money problems partly of their own creation, while public and especially smaller private colleges and universities are cutting staff and programs. Many are closing outright, The Wall Street Journal (WSJ) has reported.

"A school like Harvard, now well into its fourth century, will almost certainly survive for a fifth one. But there are financial problems below the surface that could emerge if the bull market stumbles and especially if some proposed Trump administration policies are enacted," noted the report.