That would be Cheyney University in Pennsylvania and as we read in this story on Nonprofit Quarterly, it faces grave problems. Not only is enrollment falling and the four year graduation rate down to single digits, but the school is now looking at having to repay the federal government $29 million for mismanaging student aid. (“Mismanaging” looks like a euphemism.) The university’s budget is only $30 million.

The article goes on to note that several other HBCUs are in financial peril as well.

And yet, author Rick Cohen apparently believes that HBCUs are too important to fail. “But the longstanding financial challenges of many HBCUs merit a redoubled commitment from charitable giving and private philanthropy to deal with accumulated deficits and mounds of debt,” he writes.

Sorry, but if colleges can’t even get a D minus on the test of the market, they ought to fold.