RALEIGH, N.C. (WTVD) — A group of leaders are worried about a $7 million loan given to Saint Augustine’s University.
The group includes religious leaders, social justice advocates and SAU alumni. Together, they spent Wednesday raising awareness about the loan and pushing for a solution to the school’s financial challenges.
“Frustrated about all of these things that are going on the seem out of our control. But there are things we should have control,” alum Harold Mallette said explaining his feelings about the situation.
The Raleigh university remains millions of dollars in debt. Earlier this year, they took out the loan with Gothic Ventures LLP to help keep the university afloat. The $7 million loan has an interest rate of 24% plus a 2% loan management fee. The university was also charged a $75,000 due diligence and documentation fee.
To get the loan, Saint Augustine’s University put up much of the university’s main campus …