GLENVILLE, W.Va. — A $39 million bond issuance secured by Glenville State College will assist the institution’s ongoing efforts to manage expenses and cut costs to create more opportunities to help students.
Glenville State President Tracy Pellett called the bond “one of the most significant actions for the college in the last 10 years.
“It’s refinancing your mortgage and making into one with a better interest rate,” Pellett said. “And the beauty of this is that it’s setting us up well, because it’s allowing us to use this savings and apply it toward the students.”
The savings will equate to about $300,000 to $400,000 in interest rates, Pellett said.
“Instead of us paying interest, we get to keep it,” he said. “So the idea is to really see where we can invest that in terms of students to save them money.”
Pellett said that students and their families, as well as the state, expect the college to be good stewards of their money, which is why keeping college affordable has been a goal of his presidency at Glenville State.
“Kids are coming out of here with exuberant loan debt, and as a college we’re going to try our best and every angle possible to save students and their families money so they don’t have to take out big loans and they won’t be in situations where they default,” he said.
As the college analyzed their own finances, Pellett said the institution decided to consolidate loans accrued from various projects over the last 10 years.
“As a new president coming in, one of the things I was looking at is how can we generate a little capital to make some minor fixes around campus to improve things.”
One of the improvements that is made possible through the bond is the campus fitness center.
“By applying some of that savings immediately, we’re able to get new equipment and really transform it into a first class fitness center,” Pellett said. “Students come in and they’ll have new treadmills, they’ll have new stations and things of that nature to really improve their health and fitness.
IT infrastructure will also see some revamping thanks to the bond as well.
“So we have more WiFi capability on campus, we’re upgrading our classrooms with it,” Pellett said. “We’re going to spend about $2 million from the proceeds of this bond refinance to really improve the academic side of the classrooms, improve computers for faculty and staff so they’ve got the newest equipment in their teaching.
“We have housing on campus, and we’re fixing that as well,” he said.
Students are already starting to see those projects come to life.
“Just in the last couple of weeks, we’ve already added IT access points, and we’ve already started to impact our classrooms,” Pellett said. “The fitness center has already been ordered, and that will be fully functioning with all new equipment in January.”