Georgetown University will award preferential status in the application process to descendants of slaves whose labor benefited the university, The New York Times reported.

In 1838 the school sold 272 men, women, and children for about $3.3 million in today’s dollars. The money helped keep the university open during a period of financial difficulty.

The school also plans to build a memorial for the slaves, create an institute on slavery, and name two campus buildings after African-Americans.

In addition, John J. DeGioia, the president of Georgetown University, will offer a formal apology for the university’s participation in slavery.

The announcement follows read more >>>

Source:: BusinessInsider.Com