The Southern Association of Colleges and Schools Commission on Colleges (SACSCOC) voted to remove accreditation for Bennett College in Greensboro earlier this week.
The news came as a shock to school officials because they weren’t aware of the financial standards set by the accrediting agency.
“There's no one way to demonstrate fiscal stability, which is why we thought we were demonstrating fiscal stability,” Bennett College President Phyllis Dawkins said. “The standard also looks at your current net assets.”
The college needs $5 million by February 1st to stay afloat.
Bennett has appealed the removal of accreditation. It will receive a detailed letter explaining the school's issues next month.
State Senator Gladys Robinson is a graduate of Bennett College. She's remaining optimistic that the money in a short amount of time.
“We're asking the Greensboro community, the state of North Carolina and the nation to help us achieve this task,” she said. “It can be done. We've done it before.”