Schools and colleges across the nation are scrambling to develop new plans to pay their bills after an investment fund that serves about 1,000 colleges and private schools last week partially froze withdrawals amid the current credit crunch.


Wachovia Bank, trustee for the $9.3 billion Short Term Fund offered by Commonfund, on Sept. 30 said it was terminating the fund and establishing a process to ensure the orderly liquidation and distribution of the fund's assets. Wachovia initially told investors they could withdraw only 10 percent of their money, but that figure was increased to 34 percent by Oct. 1 and 37 percent

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