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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)

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