S&P Global has reaffirmed The College of New Jersey’s (TCNJ) “A” long-term bond rating and upgraded its outlook to “stable.” The announcement, made on January 23, 2026, cites record enrollment numbers and improved financial performance as key reasons for the positive assessment.
According to S&P Global, “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.”
TCNJ President Michael Bernstein launched the LIONS Plan in December 2023. The initiative aimed to strengthen the college’s financial position through strategic revenue increases and expense reductions. By August of the following year, Bernstein announced that TCNJ had met its goal and achieved balanced five-year budget projections.
“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.”
S&P did include a warning that unexpected drops in enrollment or reductions in state funding could affect future assessments. Bernstein responded by saying, “We must remain vigilant. Still, given the challenges facing higher education, we are in an enviable position.”
Founded in 1855 and located on a 289-acre campus in Ewing Township, New Jersey, TCNJ offers degree programs across arts, business, engineering and other fields through eight schools (official website). The institution emphasizes critical thinking and leadership development among students (official website). Over its history it has transitioned from a normal school into a selective public college (official website) recognized for undergraduate research accomplishments (official website) and success in NCAA athletics (official website).
