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The number cited was $270 million. For comparison, I’ve seen debt estimates of $260 million for Williams and $320 million for Amherst. So superficially, Midd’s debt doesn’t seem unreasonable.</p>
<p>But the difference is that Williams and Amherst have larger endowments than Midd. In 2008, before the bottom dropped out of the stock market, the [url=<a href=“http://www.insidehighered.com/news/2009/01/27/endowments]estimated[/url”>http://www.insidehighered.com/news/2009/01/27/endowments]estimated[/url</a>] endowment sizes were $1,800 million at Williams, $1,700 million at Amherst, and $900 million at Middlebury (of course, all these numbers are lower now, probably by ~ 25%). Viewed in that light, Midd’s borrowing may have been particularly aggressive.</p>