Students plan return to debt-ridden NC school
GREENSBORO — Students return next week to Greensboro College, a school that has laid off staff to deal with a debt of more than $19 million.
The News & Record of Greensboro reported Tuesday that the small Methodist college has laid off 10 more staff members, including three part-time music teachers and the band director. The school is down to 68 full-time faculty members.
College officials say the part-time faculty budget has been eliminated, meaning some classes may be canceled and others added.
The school has put most of its campus and its $17 million endowment up as collateral to Bank of America. The bank has extended the college’s line of credit, allowing it to meet payroll through the summer as it restructures.
The school’s longtime president, Craven Williams, retired earlier this month.
(Copyright 2009 by The Associated Press. All Rights Reserved.)
Students return next week to Greensboro College, a school that has laid off staff to deal with a debt of more than $19 million.
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