The nation's oldest black college, Cheyney University, may have to stop operating soon, Reuters reports.
The school, one of 14 state-run universities in Pennsylvania, has struggled financially in recent years. Only 1,000 students are enrolled, two-thirds less than its 1989 peak. Cuts in statewide higher education funding hurt Cheyney, a school with a high default rate on student loans and a low four-year graduation rate. As of June 30, 2013, the school's deficit hit a cumulative $12.3 million.
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"Cheyney is in dire, dire, dire straits," the state's auditor general told Reuters.
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