Cheyney U Financial Collapse

Cheyney University, the nation’s oldest black college, is on the verge of financial collapse reports Reuters.

It’s rather remarkable since it’s owned by the State of Pennsylvania and is heavily subsidized by the taxpayer.

Reuters reports that its student body is now about 1,000 –down two-thirds from its 1983 peak — and its four-year graduation rate is just 9 percent.

The school’s fiscal problems are laid upon the feet of the students unable to repay debt and increasing pension costs.

The school was founded in 1837. Reuters describes Cheyney as “located in the Philadelphia suburb of the same name”. Good luck in finding such a suburb. The school’s 275-acre campus spills across Thornbury Township, Delaware County and Thornbury Township, Chester County.

Cheyney U Financial Collapse

Cheyney U Financial Collapse

 

 

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