COLUMBIA, S.C. (AP) - Senate Finance Chairman Hugh Leatherman says South Carolina State University's best chance of survival comes from a panel of current and former college presidents he put together.
The Senate approved Thursday adding a clause in the state budget that directs the five-member panel to work with SC State officials in developing a plan to stabilize the school.
The state's only public historically black university is in a financial hole. Officials wanted a nearly $14 million grant to cover its bills through the end of June. Last week, the Budget and Control Board approved a $6 million loan to pay its oldest unpaid bills. How the school will pay it back is unknown.
Leatherman voted against the loan, saying it doesn't solve anything. He called it a Band-Aid at most.Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.