Western Illinois University is one of six universities across the state of Illinois that had its credit downgraded this week.
Moody's Investors Service downgraded the credit ratings for Western Illinois University, Governors State, Northeastern Illinois University , Northern Illinois University, Southern Illinois University, and Eastern Illinois University.
This is a problem for these universities because a significant portion of their funding comes from the state. The downgraded credit will make it tougher for them to borrow money in the future.
Last week, Moody's Investors Service downgraded the credit rating for Illinois, which is entering its fifth month without a state budget. Illinois already had the worst credit rating in the U.S.
Moody's also said once lawmakers reach an agreement on a budget, cuts to higher education are very likely.