The historically black university Morris Brown College is set to enter into a deal with the Department of Education to forgive nearly $10 million the school owes the federal government if it will pay up the remaining $500,000.
The AP reports that it's just a portion of the school's total $30 million debt. The school lost its accreditation in 2003. In 2006 the school's former president Dolores Cross was convicted of misusing federal student-aid funds. The school accumulated the debt after years of failing to refund the federal government unused federal student aid money.
The Atlanta Post gives a sigh of relief for the beleaguered institution:
Issues indeed abound at the university, from struggles to keep accreditation to a revolving door of presidents. But none have been as crucial and high-profile as the school's finances. It is hard to forget about the city threatening to shut off their water and the former president's crucifixion in the media. The Atlanta Post spoke with former (and infamous) Morris Brown President Dolores Cross, who's efforts to improve the school's finances eventually led her to a state issued house arrest ankle bracelet.
This is great news, however, for the historically black institution to finally have a chance at a clean slate. Finally.