(AJC) — 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, according to a letter obtained by The Associated Press. In the April 7 letter, 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 historically black institution overcome a major hurdle in its efforts to regain accreditation. ”We have been working on getting this debt addressed for a year,” said Morris Brown College President Stanley Pritchett. “This is a game-changer for the college. There are other financial challenges, but this will help to open the door … to resolving our other issues.”
