Many Historical Black Colleges and Universities are having financial difficulties due to declining enrollment, dwindling donations and many other reasons. HBCU’s all over the nation are suffering financially and placing the presidents of their colleges in difficult tasks in order to raise money.
Morehouse College, one of the most successful colleges in the country, is one of the HBCUs facing financial difficulties.
This fall, enrollments are down by 125 students, from what the college projected.
Morehouse is requiring employees to take up to five unpaid furlough days throughout the year. Other budget cuts will also be included while the college plans to hire fewer part-time faculty for the upcoming spring semester.
College officials said one factor producing the drop in enrollments was tougher standards for qualifying for the Parent Loan for Undergraduate Students program.
Morehouse reported normally 8 percent of students who place a deposit to reserve a space in the entering class decide not to enroll. But that figure has jumped to 16 percent this year for Morehouse, partially due to accepted students who were unable to secure loans.
Interim Provost Willis Sheftall told The Atlanta Journal-Constitution that the Atlanta college has 2,360 students, and blames the drop in enrollment on a poor economy and changes to a federal loan program for students.
Sheftall described the situation as a “challenge,” but said it is not a crisis.
Morehouse officials plan to increase fundraising to counter declining enrollment and financial issues.
HBCU Buzz reached out to Dr. Robert Franklin but was directed to a brief article in the Atlanta Journal-Constitution.