Oral Roberts University is debt-free after being tens of millions of dollars in the red.
Erasing the debt is welcome news for ORU, which two years ago faced allegations of financial mismanagement.
Former school president Richard Roberts denied the allegations. He later resigned.
The billionaire Green family, who owns the Hobby Lobby craft supply store chain, has donated more than $80 million to the Christian university.
Mart Green told CBN News his father felt led by God to help rescue the university.
"We don't give to get back, but God increases us back, and we get a chance to plant more seed, to bless more people," Green said.
"At ORU obviously, it's not about buildings. It's not about debt. We didn't give to debt. We gave to young people's lives, who could go out and change the world for the Lord, for Jesus Christ," he added.
In addition to the Greens' donations, a matching gift campaign also brought in more than $22 million for ORU.
*Originally published September 26, 2009