Sep 30, 2019, 3:45 PM
(From Inside Higher Ed) Education institutions across the country are putting cost-cutting measures in place in hopes of saving money and easing cash-flow. At Morehouse College, administrators have announced that they will no longer match retirement contributions for employees, and some staff will be replaced as well. The $3 million in targeted savings is to be put toward paying down $5 million in unpaid tuition and fees owed by current students. Meanwhile, billionaire Robert F. Smith just pledged to pay off student loan debts held by Morehouse graduates and their parents — debt worth $34 million. However, that money is not available for Morehouse’s current challenge, because it is restricted to 2019 graduates’ debts.
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