Under-the-radar USDA lending provides big boost for financially pressed colleges

Iowa Wesleyan University found itself facing closure in November as a cash crunch left it needing additional money in order to operate for the spring semester. But soon after the 700-student university in southeast Iowa went public with its peril, it rallied. Leaders determined they had received enough in gifts and newly favorable financing from the U.S. Department of Agriculture to remain open, at least for the short term. Both the gifts and the loan modifications were necessary...