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Morehouse College is putting cost-cutting measures in place in hopes of saving $3 million and easing cash-flow issues.
For the next nine months, the historically black college in Atlanta will not match retirement contributions for employees, The Atlanta Journal-Constitution reported. Morehouse will also have a monthly furlough day for most professional staff and faculty members. The college’s president, David A. Thomas, said he is among those affected.
A “small amount” of staff members are to be replaced as well, according to the Journal-Constitution. The $3 million in targeted savings is to be put toward paying down $5 million in unpaid tuition and fees owed by current students.
“These students are trying to piece together a way of staying at Morehouse,” Thomas told the newspaper. “We know from Morehouse history that in those 500 students are a great number who can go out and do amazing things in the world.”
Billionaire Robert F. Smith just moved to make good on a much-talked-about pledge to pay off student loan debts held by Morehouse graduates and their parents -- debt worth $34 million. But that money isn’t available for Morehouse’s current challenge, because it is restricted to 2019 graduates’ debts.
