South Carolina State University Wins Approval for $12M Loan - Higher Education
Higher Education News and Jobs

South Carolina State University Wins Approval for $12M Loan

by Diverse Staff

South Carolina State President Thomas Elzey says he is confident his school will overcome its challenges.

South Carolina State President Thomas Elzey says he is confident his school will overcome its challenges.

South Carolina State University received a lifeline Wednesday in the form of a $12 million loan from the state as the result of approval from the Joint Bond Review Committee.

The school, the state’s only public historically Black college, has been operating at a $10.8 million deficit. The money is owed primarily to vendors. Dogged by governance issues and the financial shortfall, S.C. State had been put on probation by an accrediting body in June.

It had been kept afloat by a $6 million loan from the state last spring. The Orangeburg school ran into the financial crunch when hit with declining enrollment and decreased state and federal funding.

According to The Times and Democrat, the state board, which approved the latest loan by a 6-2 vote, stipulated that it is to be repaid over a three-year period and that the school has to maintain a balanced budget.

Loan approval never was considered a certainty. Some state legislators had questioned whether it was time to either shut down the college or have it become part of the University of South Carolina system.

“It’s a very difficult position we’re in,” S.C. State President Thomas Elzey told The State on Monday. “(But) I have faith that the university will get through this.”

As a part of the loan request process, the school had submitted a 12-page plan that included proposals to boost enrollment and fundraising and conduct a profitability study of its academic departments. There are also plans to cut administrative staff and campus police as part of cost-saving measures.

Historically Black Colleges Make Gains on NCAA’S APR Report INDIANAPOLIS – Athletes at historically black colleges and universities are making major gains in the classroom, according to the NCAA's latest Academic Progress Rate. The single-year rate at HBCUs over the last five years has increased 34 poin...
University of Missouri to Raise Undergrad Tuition by 1% JEFFERSON CITY, Mo. (AP) — The University of Missouri will raise in-state, undergraduate tuition by 1 percent beginning this fall. The increase was announced in a press release Monday, after university officials reached a deal with state lawmakers...
Garnett Stokes Becomes University of New Mexico’s 1st Female President ALBUQUERQUE, N.M. — The University of New Mexico Board of Regents made history Thursday as it named Dr. Garnett Stokes the first woman president to lead the state’s flagship school. Stokes, the provost and executive vice chancellor for academic af...
Billionaire Gives $125M to University of Chicago Economic Department CHICAGO — Billionaire businessman Ken Griffin is donating $125 million to the University of Chicago’s Department of Economics. The university announced Griffin’s gift Wednesday, saying it’s the second-largest in school history and brings his perso...
Semantic Tags: