Lakewood School District Seeking $104 Million State Loan - Its …

Mar 26, 2024 · The Lakewood School District has proposed a $309 million budget for the 2024-2025 school year, which includes a request for a $104.1 million state loan to help balance the …

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Lakewood School District Seeking $104 Million State Loan - Its …

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Mar 26, 2024 · The Lakewood School District has proposed a $309 million budget for the 2024-2025 school year, which includes a request for a $104.1 million state loan to help balance the …

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State Claims Lakewood School Aid Is Fine, Blames District For Money …

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Apr 2, 2024 · Lakewood received its first state loan of $4.5 million for the 2014-15 school year, followed by $5.6 million in 2016-17; $8.5 million in 2017-18; $28.1 million in 2018-19; $36 …

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Lakewood Gets Half Of What It Wanted From The Murphy …

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Nov 21, 2023 · Lakewood Public Schools District, in perennial fiscal distress, just got mixed news from the Murphy Administration: instead of receiving a “loan” for $93,489,390 to cover its …

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Lakewood Schools' Financial Woes Cause High Teacher Turnover

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Oct 12, 2023 · LAKEWOOD – As Lakewood Schools wait for word on their latest state loan request — this one for $93 million — the continued money dance with Trenton is taking its toll …

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NJ Auditor Finds “severe Fiscal Distress" In Lakewood Schools ...

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Aug 15, 2023 · The report comes at a time when Lakewood Schools face their most serious fiscal issues in years, with more than $125 million in state loan debt, a long-running lawsuit over …

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Lakewood Schools Seek $104 Million State Loan To Help Balance

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The loan is the largest ever for the cash-strapped district, which has been borrowing state funds since 2014. More: State loans $50 million to Lakewood schools, adding to district's chart …

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State Loans $50 Million To Lakewood Schools, Adding To District's

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The newest loan will be added to Lakewood schools’ current debt of $123 million in state aid loans dating back to the 2014-15 school year when it first borrowed $4.5 million.

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Lakewood Schools Borrowed Millions From New Jersey And Still …

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Sep 27, 2023 · The Lakewood School District in New Jersey is facing severe financial distress, having borrowed $165 million since 2014 and now seeking an additional $93 million loan from …

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Lakewood Schools Awaiting Funding Plan Face State Leadership …

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Feb 7, 2024 · The district will now owe $173 million in state loans dating to the 2014-15 school year when $4.5 million was borrowed. Lang said it will be difficult for the new commissioner to …

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BREAKING: Lakewood School District Offered $28 Million State …

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May 7, 2018 · The Lakewood School District has been offered a $28,000,000 loan to cover its budget deficit, TLS has learned. The news came from the State moments ago. Last week, the …

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FAQs about Lakewood School District Seeking $104 Million State Loan - Its … Coupon?

What is Lakewood schools' state loan?

The loan is the largest ever for the cash-strapped district, which has been borrowing state funds since 2014. Just last fall, Lakewood Schools borrowed $50 million and is hoping another $43 million will be coming through. The district’s current state loan debt is $173 million. ...

How much money does Lakewood School owe?

LAKEWOOD – The state Department of Education has agreed to loan Lakewood Schools $50 million — far less than what the district asked for but a significant sum that balloons the cash-strapped district's debt to $173 million. ...

How much money did Lakewood receive?

Lakewood received its first state loan of $4.5 million for the 2014-15 school year, followed by $5.6 million in 2016-17; $8.5 million in 2017-18; $28.1 million in 2018-19; $36 million in 2019-20; $54.5 million in 2020-2021; and $24 million in 2022-23. ...

Does Lakewood pay back state loans?

There’s no interest charged on state aid loans and loan payments are automatically deducted from the school district’s state aid payments. Since 2014, Lakewood has received $205 million in state loans. It has only managed to pay back $42 million. ...

Do Lakewood schools need more state funding?

State claims Lakewood school aid is fine, blames district for money woes. State claims Lakewood school aid is fine, blames district for money woes. LAKEWOOD — The state Department of Education on Monday said that Lakewood Schools do not need more state funding and, instead, should improve management and fiscal responsibility. ...

Why was Lakewood not properly funded?

The initial lawsuit claimed that Lakewood was not properly funded by the state because the statewide school funding formula does not take into account the district’s costs associated with transporting nearly 50,000 nonpublic school students and focuses only on the nearly 6,000 public school students. ...