Debts Create Financial Crisis for Stillman

Stillman College, a small private historically black institution in Alabama, is facing a financial crisis, WBRC News reported. Cynthia Warrick, the interim president, recently sent a letter to alumni stating that the college needs $275,000 to make a loan repayment by April, or the institution could be forced to shut down. The college borrowed money in 2012 and has been having difficulty making payments on the debt. Currently, the college enrolls 570, and it needs to enroll 250 additional students so that tuition payments would contribute enough money for loan repayments.