The Southern Association of Colleges and Schools is re-evaluating Bennett College after placing the school on probation for ‘financial instability’:
“They made that decision based on some things from 2009 to 2010. In that year, we had two major challenges, one, because we borrowed $20 million from the federal government, we had to pay a prepayment penalty of $1 million,” said Dr. Julianne Malveux, president of the college. “Also, we had a major donor default on a pledge. So as it showed up on our books, it showed up that we lost another $900,000.”
$20 million from the federal gov’t? So much for Bennett being a private college.
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