Despite a high-profile two month fundraising drive that raised almost $10 million, Bennett college has lost its accreditation.
The Southern Association of Colleges and Schools announced its decision Friday, saying the college had come to the end of its two-year probation without being able to demonstrate “sound financial resources and a demonstrated, stable base to support the mission of the institution and the scope of its programs and services.”
The college had no immediate statement on the decision early Friday afternoon. The school’s leadership has previously said it would seek accreditation elsewhere and may sue the association, which would likely lead to them extending their probationary period until the matter could play out in court.
Bennett needs the accreditation in order to allow its students to get federal student aid, including Pell Grants.
Bennett, a small historically black private college for women in Greensboro, has a long history of operating on the financial edge. The school operated at a financial loss for six consecutive years until 2016.