New bill introduced would offer help to Alabama colleges, universities in financial need

Alabama lawmakers are looking to create a system to help institutions of higher education stay open during difficult financial times.

Birmingham-Southern College was at risk of closing and sought help from the state to replenish it's endowment.

Now senators Jabo Waggoner and Roger Smitherman are sponsoring a bipartisan bill to help other institutions in the future.

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The bill is called the Higher Education Revolving Loan Program and is to be administered by the state treasurer.

If the bill passes, the program would be available to both public and private colleges and universities, provided they have operated for more than 50 years in Alabama.

Other factors that would make institutions eligible for help include if the school "has a significant impact on the community in which it is located" or "is experiencing financial hardship which could lead

to closure of the institution."

You can view the proposed bill below.