The rating on New Jersey Education Facilities Authority's bonds, issued for Stevens Institute of Technology, reflects: * Fairly stable enrollment, * Competitive student quality indicators, * Adequate unrestricted funds, and * Manageable debt. Offsetting factors include: * Some volatility in undergraduate demand trends, * Increasing financial aid burden, and * Financial cushion that has not kept pace with budget growth. Located in Hoboken, N.J., Stevens provides undergraduate and graduate programs primarily in the sciences and engineering. Although graduate headcount has fluctuated, total enrollment is fairly stable at 3,248 for fall 1997. Over the past three years, graduate enrollment has stabilized since it had been decreasing in the early-to-mid 1990s. Graduate students represent 55% of total enrollment and consist primarily of
