U.S. Offers To Relinquish Morris Brown College’s $9.4 Million Debt

3GM April 26, 2011 3

 

ATLANTA — Morris Brown College is expected to settle nearly $10 million in debt for pennies on the dollar in an agreement pending with the U.S. Education Department, according to a letter obtained by The Associated Press.

In the April 7 letter, the Education Department said it will forgive more than $9.4 million in debt, provided Morris Brown pays the remaining $500,000. The deal would help the historically black institution overcome a major hurdle in its efforts to regain accreditation.

“We have been working on getting this debt addressed for a year,” said Morris Brown College President Stanley Pritchett. “This is a game-changer for the college. There are other financial challenges, but this will help to open the door … to resolving our other issues.”

Department of Education spokesman Justin Hamilton told The Associated Press that the agency could not comment on the agreement directly.

“We’re aware of the situation,” Hamilton said. “We do recognize the important role of historically black colleges and the need to help preserve their important legacy.”

Pritchett said the settlement agreement could be finalized as soon as May 1 and that the payment would be due within 90 days of the signed deal. The letter, signed by Department of Education counsel

via U.S. Offers To Relinquish Morris Brown College’s $9.4 Million Debt | News One.

Morris Brown College
Morris Brown College, founded in 1881 by the African Methodist Episcopal Church, is a private, coeducational, liberal arts college engaged in teaching and public service with special focus in leadership, management, entrepreneurship and technology. The College is proud of its tradition of serving the educational needs of the best and brightest young minds, while simultaneously providing educational support to students who might not otherwise receive the opportunity to compete on the college level. Students fitting the latter are given the tools they need to increase their potential for earning a college degree.This is a formula that has proven itself time and again. Among our outstanding alumni are Isaac Blythers, former President of Atlanta Gas Light Company; Eula L. Adams, Executive Vice President for First Data Corporation; Albert J. Edmonds, Retired Lieutenant General of the United States Air Forces; the late Reverend Dr. Hosea Williams, civil rights leader; Thomas J. Byrd, actor of television, film and stage; and Pulitzer prize-winning author, James A. McPherson. Adams and Edmonds were cited recently by Fortune Magazine among the nation’s top African-American corporate executives. The list of our graduates and their accolades go on and on. 

College Vision
As an academic institute, grounded in excellence and
anchored in tradition, Morris Brown College Prepares and
promotes students destined for a lifetime of learning and
achievement in a global society.

General Education Curriculum
Morris Brown College is committed to academic excellence
through advancing knowledge. The College seeks to provide
higher education opportunities based on Christian principles
at the undergraduate level that will enable students to
become dynamic leaders, managers, and entrepreneurs
in a global, culturally diverse and technologically advanced
world characterized by rapid change and complex
independence.

Morris Brown

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