State Financial Board Gives SC State Extension On Loan

State Financial Board Gives SC State Extension On Loan (Image 1)

A state financial board has given South Carolina State University a five-year reprieve from repaying a $6 million loan.

The Budget and Control Board voted unanimously Tuesday to let the financially troubled school pay the money back by 2020. South Carolina’s only public historically black university was supposed to pay it back by June 30 but can’t. The school’s debt exceeds $20 million.

The loan extension comes days after an accrediting board kept S.C. State’s accreditation on probation for another year, as a newly appointed board tries to bring it to fiscal solvency.

The new trustees are set to meet Wednesday. It will be their third meeting since the Legislature passed a bill last month firing the former trustees and replacing them with a temporary fix-it board appointed by lawmakers.

Story by SEANNA ADCOX – Associated Press

(Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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