While Cheyney University of Pennsylvania – the oldest HBCU in the country –  continues to struggle to keep the doors open, the university received some great news on Friday, Nov. 17, when the Middle States Commission on Higher Education allowed the troubled university to keep its accreditation, according to The Philadelphia Inquirer.

Cheyney University was founded by Quaker philanthropist Richard Humphreys in 1837 and began awarding degrees in 1914. Despite its history over almost two centuries, the university has faced a number of financial and academic issues for decades. The Philadelphia Inquirer reports that the institution's enrollment has decreased to about 755 students today, which is nearly half of the university's reported enrollment in 2010.

In recent years, the HBCU's troubles have become worse as it faces various challenges including poor and unstable leadership, financial mismanagement and academic woes. In 2015,  Middle States Commission on Higher Education placed the university on probation and Cheyney continues to fight for survival.

On Monday, Nov. 13, the Board of Governors of the Pennsylvania State System of Higher Education appointed Aaron A. Walton – a former state system board member and former senior vice president of Highmark Inc. – as the new president for the institution. Walton, who has been serving as the interim president of the institution, is slated to officially serve in the position through 2021. Walton told The Philadelphia Inquirer that they were happy to hear the news on Friday but recognize that they have a lot of work to do to get the institution back on its feet.

“The journey of the thousand miles begins with the first step, and this is the first step,” he said.

Middle States Commission on Higher Education cited the university's "significant progress" and "good-faith effort" in correcting its longstanding issues over the years as reasons it decided to allow them to keep their accreditation and give the institution more time to improve.

Serious challenges are ahead for the university as they endure a Department of Justice investigation into the mishandling of $29 million in financial aid funds. With this issue and other financial problems in mind, Head of thee State Board of Governors Cynthia Shapira still says that Walton has made major progress but "significant challenges remain, and more difficult decisions will have to be made.”

Per The Philadelphia Inquirer, the university will receive support from Pennsylvania Governor Tom Wolf who said he wants to work with Walton and build on Cheyney's rich history to “create a path forward for Cheyney.”