One Of America's Oldest HBCUs Just Filed For Bankruptcy. Here's What It Means For Students
Saint Augustine's University, a historically Black college in North Carolina, filed for Chapter 11 bankruptcy and announced plans to continue operating while restructuring its finances. Students who don't graduate by May 9 will have to transfer to another institution as the university loses accreditation and federal financial aid eligibility.
Saint Augustine's University, a 160-year-old historically Black college in Raleigh, North Carolina, filed for Chapter 11 bankruptcy on Monday. The university estimates it owes $50-100 million to creditors, including federal and state agencies, private lenders, and an employee retirement fund, but claims assets worth up to $500 million. It plans to continue operating while restructuring its finances. The university is dropping its lawsuit against its accrediting body, SACSCOC, and will lose accreditation on May 15. Students graduating on May 9 will receive degrees from an accredited institution, but others will have to transfer. The university is setting up teach-out agreements to help students transfer credits. Interim President Dr. Jennie Ward-Robinson stepped down, and Dr. Verjanis A. Peoples took over. The university plans to continue offering nursing and technology certifications.
This content was automatically generated and/or translated by AI. It may contain inaccuracies. Please refer to the original sources for verification.