The US News and World Report has an article about the effect of the recession on black colleges.
Here is a quote from the article
Unfortunately, the downturn in the economy, combined with a long, painful history of underfunding, might outweigh those bright prospects for some HBCUs. Clark Atlanta University announced layoffs of 70 faculty members plus 30 staff members early this month and had to scramble to reassign students and classes. Morris Brown College in Atlanta has lost its accreditation and most of its students and is threatened with closure. The Georgia state legislature, looking to cut costs, is studying proposals to merge Savannah State and Atlantic State universities, two financially struggling HBCUs, with nearby historically white colleges. Education analysts say that unless the economy picks up soon or the federal government comes to their rescue, several rural, low-endowment niche schools—a group that includes several HBCUs as well as some women’s and religious colleges—will run out of money and shut down.