Struggling College Gives Bondholders Rights to President’s House

La Roche University, a private Catholic university in Pennsylvania, is giving bondholders a mortgage on the college president’s home as extra protection.

The provision was included as part of a forbearance agreement that the college reached this month with UMB Bank, the trustee for bondholders, according to a regulatory filing. The five-bed, 3 1/2-bath residence, which is similar to others in the neighborhood, is worth an estimated $682,000, according to Zillow.

La Roche, located in a Pittsburgh suburb, is contending with a nearly 30% drop in undergraduate enrollment since 2020. The school was founded in 1963 by ...