William Woods University will be debt free on Sept. 1.
School officials recently announced William Woods will pay off the remainder - $4.4 million - of the $8 million in bonds issued to the school in the late '90s.
According to a press release, the bond payments had been scheduled to continue until 2025. University President Jahnae Barnett said in the release that the decision saved the school more than $1.3 million.
"We looked at refinancing (the debt), and as we started looking at it, it just made sense to pay it off early," William Woods Vice President Scott Gallagher said Tuesday. "We just felt like it was a good opportunity for us to be out of debt and put us in a stronger position moving forward."