The nation’s oldest Historically Black University will stay open.
Cheyney University was struggling financially and even looking at the option of closing their doors when the state of Pennsylvania stepped in. The state has granted a $30 million loan forgiveness to the University if they can keep a balanced budget over the next four years.
According to The Root, a special meeting of the Pennsylvania State University board of governors on Tuesday approved this plan so that the HBCU can maintain its accreditation.
Cynthia D. Shapira, the chair of the governors in a statement said, “Cheyney University cannot survive without accreditation, period. And today’s serious actions give Cheyney the path forward.”
The University has until September 1, 2017, to submit a fiscal plan to the board. They have taken drastic steps in trying to close a $7 million dollar deficit in its current budget. They have cut more than 15 administrative positions as well as cutting academic programs that have not allowed students to finish out their degrees.
(Source: The Root)
(Photo Credit: Think Stock)
Celebs Representing HBCUs
1. Terrence JSource:Instagram 1 of 25
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3. Filmmaker Will Packer attended Florida A&M UniversitySource:Instagram 3 of 25
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5. Alice Walker5 of 25
6. Common6 of 25
7. Sean "Diddy" Combs7 of 25
8. Jacque Reid8 of 25
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10. Nikki Giovanni10 of 25
11. Oprah Winfrey11 of 25
12. Spike Lee12 of 25
13. Taraji P. Henson13 of 25
14. Wanda Sykes14 of 25
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16. Yolanda Adams16 of 25
17. Tom Joyner17 of 25
18. Keshia Knight-Pulliam18 of 25
19. Lance Gross19 of 25
20. Shaun Robinson20 of 25
21. Thurgood Marshall21 of 25
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