Moody’s lowered Columbia University’s outlook from stable to negative, citing looming caps on student lending, uncertain federal research funding, and a shrinking pool of international students. The credit rating agency said the university could return to a stable outlook if it demonstrates the ability to manage rising expenses and risks in graduate programs. For higher education finance teams, the move serves as a warning that systemwide pressures—aid policy constraints and research-funding volatility—are increasingly showing up in institutional credit risk. The story also highlights how quickly changes in student markets and federal program uncertainty can reshape long-term planning assumptions.