Morehouse To Cut Costs, Shift Money To Student Aid

Morehouse President David Thomas tells news outlets that, for the next nine months, the all-male college will impose an unpaid monthly furlough day for 415 professional employees and stop retirement contributions of 3% of employee salaries.

Mike Stewart / Associated Press file

One of the nation’s top historically black colleges is cutting employee salaries and retirement contributions to increase student aid.

The announcement Tuesday by Atlanta’s Morehouse College comes months after billionaire Robert Smith promised to repay all student loans accumulated by Morehouse’s class of 2019.

That one-time gift will total $34 million after the college announced this week that Smith would also repay money borrowed by parents of Morehouse graduates.