Benedict College Making Strides to Relieve Its Debt

Benedict College, the historically black educational institution in Columbia, South Carolina, appears to have turned the financial corner. After losing $8.9 million over the past three years, Benedict College had a $1 million operating surplus through the first semester of the current academic year.

Enrollment at the historically black college seems to have stabilized at about 2,300 students. Officials would like to see enrollment reach 2,600 in order to increase revenues.

Despite the operating surplus, Benedict continues to service more than $80 million in long-term debt. The administration is currently negotiating a refinancing package with the institution’s bankers.

Copyright © 2007. The Journal of Blacks in Higher Education. All rights reserved.