Our First Year: Morris Brown Pays Off $10 Million Debt

Editor's Note: Cascade Patch celebrates its first anniversary this month. This breaking news story—by Senior West End Correspondent Yolande Minor—was one of Cascade Patch's top news stories this year. For more top Cascade Patch posts, see the "Our First Year" page under the "News" tab at the top of Cascade Patch.

Morris Brown College has transferred $500,000 to the federal government to pay off a $10-million debt, according to a press release by the college.

The historically black college—which reached a settlement in April with the U.S. Dept. of Education to relinquish the millions of dollars of unused financial aid given to the school—made the payment Tuesday, Aug. 23. The deadline for the payment was today.

“This is certainly a major achievement for us – the most significant milestone reached by the college – since we started this recovery process with an aggressive turn-around plan in 2010.  Our objective is to restore the legacy of Morris Brown College and to move the college into the 21st Century with a global approach to educational programs,” said Dr. Stanley Pritchett, President of Morris Brown. 

“This is a day of thanksgiving to the thousands of alumni and friends of the college including many faith-based organizations who reached deep into their pockets for the benefit of this institution and the young people who want to attend Morris Brown,”  Pritchett added.

, founded by former slaves, was able to raise the $500,000 through alumni sponsored events such as yard sales, bridge club events and performance arts activities. Earlier this month,  supported the college by giving a $22,000 donation, helping the college reach it's goal to pay off the U.S. govenment. 

Currently, the college is seeking accreditation with the Transnational Association of Christian Colleges and Schools. Morris Brown lost accreditation over the financial mismanagement in 2003, according to an 11 Alive news report.