I just found a couple lists that S&P published of bond ratings for public and not-for-profit colleges and universities last month. While bond ratings are designed for specific purposes, I think there is some value in reviewing schools’ relative bond ratings to get some general sense of their financial health, as well as reviewing whether a bond outlook is “positive” or “negative,” as opposed to the far more common “stable.”
You won’t be able to read the background for each college/university unless you’re a subscriber.
Note: I have passing familiarity with bond ratings and look at them occasionally as part of my day job, but if you’re looking for someone to explain the terms used in the articles in detail, I’m not your guy.
Anyway, this may be of some small help if you’re trying to evaluate the fiscal stability of a particular school.