S&P had given the nonprofit higher ed sector negative outlooks for four straight years before raising its view to stable in 2022, in part because of federal relief funding.
Three federal coronavirus relief bills provided higher ed with a total of about $75 billion. Much of the money had to be routed to students, but colleges received almost $40 billion in institutional funds.
Certain groups of institutions received more money than others. Historically Black colleges and universities got an additional $3 billion on top of the money set aside for all institutions, and minority-serving institutions received an extra $1 billion.