Join the Patreon to get access to the full episode + BTS exclusive content! Full episodes release 2x a week! https://www.patreon.com/cw/Blackmillionaires_ Saint Augustine’s University, one of the nation’s oldest HBCUs, is facing another major setback after filing for Chapter 11 bankruptcy while also ending its fight to keep accreditation. The Raleigh, North Carolina, university filed for bankruptcy protection in the Eastern District of North Carolina as it tries to restructure its finances and deal with years of debt, enrollment problems and leadership instability. Court filings reportedly show the school owes between $50 million and $100 million to creditors. University officials described the filing as a voluntary move meant to strengthen Saint Augustine’s financial future.  The bankruptcy filing comes after a long battle over accreditation. The Southern Association of Colleges and Schools Commission on Colleges had previously moved to terminate Saint Augustine’s accreditation. The school appealed and later went through arbitration, but SACSCOC said the decision to remove the university’s membership was affirmed. Saint Augustine’s own accreditation update page also states that the arbitration committee affirmed the ruling removing SAU’s membership.  The situation grew even more serious after reports that the university would stop fighting to regain accreditation. That means remaining students may need to transfer to accredited schools to finish their degrees. Accreditation is especially important because it affects whether students can access federal financial aid and whether degrees are recognized by other institutions and employers.  Saint Augustine’s has also seen another leadership change. Interim President Jennie Ward Robinson stepped down, and Dr. Verjanis Peoples was named as her replacement. The change adds to the uncertainty surrounding the school as it attempts to reorganize through bankruptcy while dealing with the fallout from its accreditation loss.  Founded in 1867, Saint Augustine’s has a long history as an HBCU, but its future is now unclear. The Chapter 11 filing could give the university time to reorganize its debt, but the loss of accreditation creates a major challenge for students, faculty, alumni, and the Raleigh community. HBCU Saint Augustine University Bankrupt And Has Lost Its Accreditation Black Millionaires Podcast