GREENSBORO, N.C. -- Bennett College is making headway as it approaches a February deadline to raise $5 million or risk losing its accreditation.

  • The school's president says social media has been key in their efforts to raise the money
  • To help, students, alumni, and parents are sending letters to help raise the funds
  • The school will also look at liquidating some of its assets on campus and are considering loan forgiveness

The school's president says social media has been key in their efforts to raise the money. That effort has already raised $1 million since December.

"Right now I think we have a good chance of raising that money," said president Dr. Phyllis Worthy Dawkins.

To help, students, alumni, and parents are sending letters to help raise the funds.

The school will also look at liquidating some of its assets on campus and are considering loan forgiveness if the money isn't raised.

It's a financial problem the school has had for about 10 years.

The school has kept its 530 students in the loop by sending informational letters and holding town halls.