ADVERTISEMENT

Now Reading
Cheyney University Facing Dire Financial Issues

Cheyney University Facing Dire Financial Issues

Oldest U.S. black college on verge of financial collapse

The nation's oldest Black college, Cheyney University, one of Pennsylvania's 14 state-run universities, is on the verge of a financial meltdown that threatens its ability to continue operating, a state official said on Wednesday.

Cheyney's student body has shrunk by two-thirds, to about 1,000, since its 1983 peak, and its four-year graduation rate is just 9 percent. A quarter of students never receive a degree, and student loan defaults are high.

"Cheyney is in dire, dire, dire straits," the state's auditor general, Eugene DePasquale, said. The university has had a deficit for four of the last five years, growing to a cumulative $12.3 million shortfall as of June 30, 2013.

What's Your Reaction?
Excited
0
Happy
0
In Love
0
Not Sure
0
Silly
0

© 2021 EBONY. All Rights Reserved.