Post by Logan on Feb 10, 2016 2:30:34 GMT -6
COLUMBIA — A panel of Statehouse lawmakers has approved a preliminary proposal to forgive the repayment of South Carolina State University’s $12 million bailout loan.
The S.C. House’s budget-writing Higher Education and Technical Colleges Subcommittee approved a proposal that calls for forgiving the loan given to the state’s only historically black public university in 2014. Forgiving the loan still has to be approved by another House panel, the members of the entire chamber and later be addressed by the Senate.
Subcommittee Chairman Rep. Jim Merrill, R-Charleston, warned S.C. State Board of Trustees Chairman Charles Way that smooth sailing of the proposal could be difficult because there are legislators who oppose it. Merrill added that it was important the university’s staff show continued progress for the proposal to succeed.
“At any point, we can yank this funding right out of here if it looks like it’s a waste of money,” Merrill said. “But we also recognize that it might take forgiveness of $12 million to save a lot more money and the institution.”
Read more: www.postandcourier.com/article/20160209/PC1603/160209334/1031/panel-advances-proposal-to-forgive-sc-state-12-million-bailout
The S.C. House’s budget-writing Higher Education and Technical Colleges Subcommittee approved a proposal that calls for forgiving the loan given to the state’s only historically black public university in 2014. Forgiving the loan still has to be approved by another House panel, the members of the entire chamber and later be addressed by the Senate.
Subcommittee Chairman Rep. Jim Merrill, R-Charleston, warned S.C. State Board of Trustees Chairman Charles Way that smooth sailing of the proposal could be difficult because there are legislators who oppose it. Merrill added that it was important the university’s staff show continued progress for the proposal to succeed.
“At any point, we can yank this funding right out of here if it looks like it’s a waste of money,” Merrill said. “But we also recognize that it might take forgiveness of $12 million to save a lot more money and the institution.”
Read more: www.postandcourier.com/article/20160209/PC1603/160209334/1031/panel-advances-proposal-to-forgive-sc-state-12-million-bailout