The finances for the University of Bethune-Cookman are on a new road now that the historically black university has received assistance from the Department of Education to resolve a controversial and expensive leadership made by the previous leadership.

Leadership for Bethune-Cookman signed an agreement Tuesday to receive a loan of $ 108 million from the HBCO capital financing program, supported by the Department of Education and Rice Capital. Financing allows college to refinance a loan agreement made by a bedroom of $ 85 million that was inaugurated in 2016, which, due to the aggressive terms of the Agreement, would eventually cost Bethune-Cookman $ 306 million for 40 years.

In addition to addressing the financing of the bedroom, the loan also provides funds for the University to pay for the bonds and perform deferred maintenance, which allows it not only to prosper, said Belvin Perry Jr., president of Bethune- Cookman trustee seal, at a launch.

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