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Morris Brown College is expected to settle nearly $10 million in debt for pennies on the dollar in an agreement pending with the U.S. Education Department.
In the April 7 letter, obtained by The Associated Press, the Education Department said it will forgive more than $9.4 million in debt, provided Morris Brown pays the remaining $500,000. The deal would help the college overcome a major hurdle in its efforts to regain accreditation.
Morris Brown College President Stanley Pritchett said the settlement agreement could be finalized as soon as May 1 and that the payment would be due within 90 days of the signed deal. The letter, signed by Department of Education counsel Russell B. Wolff, says the agreement must also be approved by the Department of Justice.