St. Augustine's University Faces Accreditation Crisis Amid Financial Struggles
TL;DR
Saint Augustine's University, one of the oldest historically Black colleges, has secured a $7 million high interest-rate loan from Gothic Ventures to address its financial struggles, including liabilities and unpaid employee wages. The Raleigh-based institution, which has faced declining enrollment and lacks recent audited financial reports, views the loan as a crucial lifeline.
Topics:nationeducation#education#financial-struggles#gothic-ventures#high-interest-rate-loan#historically-black-colleges#saint-augustines-university
- Loan With 24% Interest Is ‘Necessary Evil’ for Black College to Stay Afloat Bloomberg
- SAU to Appeal Accreditation Decision and Reinforce Commitment to Excellence Saint Augustine's University
- Saint Augustine's University weighs best use of property, facilities with new master plan WRAL News
- HBCU indefinitely suspended, accreditation in danger HBCU Gameday
- St. Augustine’s University accreditation voted to be removed; decision not final CBS17.com
Want the full story? Read the original reporting
Read on Bloomberg