Top black college to cut costs, shift money to student aid

ATLANTA (AP) — One of the nation’s top historically black colleges is cutting employee salaries and retirement contributions to increase student aid.

The announcement Monday by Atlanta’s Morehouse College comes months after billionaire Robert Smith promised to repay all student loans accumulated by Morehouse’s class of 2019.

Morehouse President David Thomas tells news outlets that, for the next nine months, the all-male college will impose an unpaid monthly furlough day for 415 professional employees and stop retirement contributions of 3% of employee salaries. Some jobs will also be cut in an effort to save $3 million.

Thomas says the money will cover costs students aren’t paying. Morehouse and other colleges increasingly cut prices to entice students. The sticker price for Morehouse’s cost of attendance, including tuition, room and board, is $48,723 this year.

Categories: National News