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Bethune-Cookman University interim President Hubert Grimes says the university is facing “an existential threat”.

BCU is over $100 million in debt, and its accrediting organization placed the university on probation earlier this year. If BCU loses accreditation, students won’t be eligible for federal loans or grants.

An expensive student housing project is at the center of the university’s issues, but Grimes said the university has other governance and financial problems that contributed to the crisis.

“In order for our students to receive the quality education they need, truth be told we need help,” Grimes said. “This is a clarion call for that help from our community, stakeholders, and people that believe in this historic institution.”

University leaders will present an updated strategic plan to address financial issues during a Board of Trustees meeting later this week.