Oglethorpe U. dinged by accrediting agency for finances

ATLANTA - Oglethorpe University could lose its accreditation if it doesn't shape up its finances by the end of the year.

The Southern Association of Colleges and Schools has sanctioned the Atlanta-based private liberal arts college for having an operating deficit of $1.5 million last year. University officials say they expect to break even this year after aggressive fund raising and cutting expenses on the 1,000-student campus.

SACS will review Oglethorpe's financial health again in December before making a decision.

Colleges must have accreditation - which ensures the institution meets widely accepted standards - for students to be eligible for federal financial aid.