S&P Global recently reaffirmed The College of New Jersey’s (TCNJ) “A” long-term bond rating and upgraded the school’s outlook to “stable.”
In December 2023, TCNJ President Michael Bernstein launched the LIONS Plan, which aimed to put the college on a sound financial footing through a combination of strategic revenue enhancements and expense reductions.
Last August, he thanked the community for its efforts and announced that the school had achieved that goal. TCNJ’s five-year budget projections are balanced, he said.
“The outlook revision reflects the continued growth in full-time-equivalent enrollment, which reached a record high in fall 2025, as well as the return to positive operating performance and growth in balance sheet metrics in fiscal 2025,” the rating agency wrote.
“S&P’s action is a tribute to the hard work and commitment of the entire TCNJ community,” said Bernstein. “Their analysis independently verifies that we’ve succeeded in ensuring our budget is sustainable.”
The rating action did contain a note of caution. An unexpected drop in enrollment or a decline in state funding could cause S&P to revise its assessment. TCNJ has about 7,500 full-time students.
“We must remain vigilant,” said Bernstein. “Still, given the challenges facing higher education, we are in an enviable position.”
