WILBERFORCE — Wilberforce University recently announced the successful refinancing of its long-term debt, previously held by Charter Asset Management, with the reinvestment fund. This strategic financial move is set to significantly reduce the university’s monthly interest payments, enabling a reinvestment of savings into critical programs and infrastructure.

President Vann R. Newkirk expressed gratitude to the chair of the board of trustees, Nate Jenkins, the board of trustees, and attorney Walter Reynolds for their invaluable assistance in securing this new loan.

“Their dedication and support have been instrumental in achieving this milestone,” Newkirk said. “Wilberforce University is stronger than it has been in the last 20 years. With our highest enrollment, new programs, new faculty, and new student facilities, we are poised for a bright future. This refinancing allows us to continue our mission of providing an exceptional education and supporting our students in every way possible.”

This refinancing comes at a crucial time for small private colleges across America, which are grappling with declining enrollment and rising operational costs, according to WU officials. As highlighted in the recent presidential update, these challenges have placed many institutions at major crisis points. However, Wilberforce University’s proactive financial management, combined with a recent uptick in enrollment, positions the university to thrive amidst these challenges.

The reduced financial burden will allow Wilberforce University to channel more resources into enhancing student experiences and academic programs. This includes upgrading campus facilities, expanding student services, and investing in innovative educational initiatives. By strengthening its financial foundation, Wilberforce University is better equipped to support its students and fulfill its mission of providing a high-quality education, the university said.

For more information, visit Wilberforce.edu.