Gov. Phil Murphy and New Jersey Secretary of Higher Education Brian Bridges are applauding New Jersey City University’s (NJCU) decision to partner with Kean University for an eventual merger.
“The Murphy Administration is encouraged by the forward-moving progress at NJCU. The State Monitor, NJCU Administration, and Board of Trustees have been collaborating diligently toward a future that sustains a strong public four-year option in Jersey City and Hudson County,” Murphy and Bridges said in a joint statement.
“Maintaining access to high-quality post-secondary education for students and the community, who have long benefitted from NJCU’s local presence, forms the basis of our shared commitment to the institution’s future.”
The NJCU Board of Trustees voted unanimously (7-0) at a special meeting yesterday to “to pursue a strategic merger” with Kean University, as HCV first reported.
Bridges named “seasoned expert” Henry Amoroso as the state fiscal monitor for NJCU in the midst of their budget woes back in August 2023.
Since then, Moody’s and Fitch Ratings moved the university’s credit rating from negative to stable, as HCV first reported. Fitch indicated that NJCU has roughly $46.5 million in available funds and a total debt of approximately $337 million in debt.
“The NJCU Board’s intent to pursue a strategic merger with Kean University continues this commitment and marks the beginning of a thorough and deliberative process to unify these mission-aligned institutions,” Murphy and Hughes continued.
“We look forward to working with state and institutional leaders on the path to a successful transition that empowers student success and long-term resilience.”