As the Detroit Free Press reports,

On Wednesday, Moody’s Investment Service downgraded the entire higher education sector from stable to negative.

“Just over 30% of public universities and nearly 30% of private universities were already running operating deficits,” the service wrote in its guidance. Slightly over 5% of private colleges across the nation have 90 days or more of cash on hand to absorb any short-term losses, Moody’s said.

“While public universities will face similar stresses to privates, those that are significantly struggling benefit from potential state support,” Moody’s wrote. “Private universities do not have this layer of additional oversight, support or potential (cash) infusion.”