When Texas’ university system collapses, it’ll be the first time in U.S. history that a state university is not financially stable

The University of Texas at Austin (UTSA) will have to close for more than two weeks as a result of a massive financial crisis that has shaken the state’s academic and financial-services systems.

It’s the first school closure in the United States to be deemed a public-safety emergency, meaning that it could force millions of students to stay home from classes, take out life insurance and pay the full cost of their school’s tuition.

UTSA, the state flagship university, has about 1.3 million students enrolled.

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