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Louisiana State University May Have To Essentially File Bankruptcy

Nicholls State University student Mariella Jimenez chants at a rally to protest against cuts to higher education by Louisiana
Nicholls State University student Mariella Jimenez chants at a rally to protest against cuts to higher education by Louisiana Gov. Bobby Jindal at the State Capitol in Baton Rouge, La., Wednesday, Nov. 10, 2010. Over $300 million has been cut from public colleges in the state since 2008, and Jindal has told campuses to prepare for funding cuts of up to 35% due to an upcoming $1.5 billion state budget shortfall. (AP Photo/Patrick Semansky)

LSU and many other public colleges in Louisiana might be forced to file for financial exigency, essentially academic bankruptcy, if state higher education funding doesn't soon take a turn for the better.

Louisiana's flagship university began putting together the paperwork for declaring financial exigency this week when the Legislature appeared to make little progress on finding a state budget solution, according to F. King Alexander, president and chancellor of LSU.

"We don't say that to scare people," he said. "Basically, it is how we are going to survive."

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