ATLANTA -- A Morehouse College official says the school is planning to make budget cuts after a drop in enrollment.
The Atlanta Journal-Constitution reports that the historically black college will furlough faculty and staff and make other budget cuts stemming from the decrease in enrollment.
Interim provost Willis Sheftall said the Atlanta college is teaching 2,360 students - about 125 fewer than projected. Sheftall attributed the drop to the sluggish economy and changes to a federal loan program.
The U.S. Department of Education says tighter regulations protect taxpayer money and prevent people from accumulating debt they can't afford.
Prospective borrowers can't have any defaults, foreclosures, bankruptcies, tax liens or wage garnishments with the past five years.
Other nearby colleges such as Clark Atlanta University and Spelman College also say enrollment dropped due to the new rules.