Over $4 million in debt owed by Morris Brown College was forgiven by the Executive Committee of the General Board of the African Methodist Episcopal (AME) Church, the Atlanta Journal-Constitution reported.
However, Morris Brown College agreed to create a $1.5 million scholarship for AME members.
Morris Brown College lost its accreditation in 2002 but has continued to operate despite the small number of students in attendance. Last year, the college was officially approved to start the accreditation process after becoming a correspondence school with the Transnational Association of Christian Colleges and Schools (TRACS).
“The removal of the long-term debt improves our position which is a critical part of the accreditation process,” said Shermanetta Carter, the college’s chief financial officer, to the AJC. “We are thankful to the AME Church.”