Nation’s oldest HBCU in need of financial help
Cheyney University, this country’s oldest Historically Black college and University (HBCU) needs help financially.
According to nonprofitquarterly.org, Cheyney owes the federal government nearly $30 million.
“[A] review conducted for the Pennsylvania State System of Higher Education found that the school may have mismanaged the financial aid it receives from the U.S. Department of Education to assist students and, as a result, may owe the federal government more than $29 million.”
The article goes on to state that the school gave grants and loans to students who weren’t eligible. They also gave out too much money.
News for Cheyney isn’t getting better. The school currently carries a deficit of at least $15 million with an annual budget of $30 million. Paying back $29 million would bring the school to its knees.
Pennsylvania’s Auditor General Eugene DePasquale issued a report on the school’s future last year, and it was rather bleak.
“The size of its debt that is deemed not collectible is growing. The amount of state support it receives is on the decline. And its enrollment has hit a 31-year low.”
The report also noted that just nine percent of students who enroll at Cheyney stay for graduation.
Simply put, Cheyney is in deep trouble.
Without serious financial help from alumni, the state, or the federal government, Cheyney’s 177-year history will soon come to a quick close.