In 1892, a group of Why Not citizens, wanting to ensure that area children have better educational opportunities, founded Why Not Academy and constructed a two-story school house. Why Not Academy opened in August, 1893, with Professor James P. Boroughs as headmaster. On April 16, 1896, Professor Boroughs bought Why Not Academy from the trustees. In 1903, he sold the academy to Professor C. F. Garner. He renamed the academy Why Not Academy and Business Institute.
Why Not Academy was both a public school and a private school. During the late fall and winter months, when the public schools were in session, the county paid tuition and other expenses for all area elementary students to attend school. At the same time, tuition paying private students could take advanced courses on the intermediate and secondary level. The remainder of the year, the academy taught intermediate and high school level courses for a fee to anyone who wanted to attend and could afford the tuition. Some students came from distant counties and boarded at the homes of local residents or, for males, lived in a dormitory.
In 1916, Why Not Academy burned. Classes continued in another building for two years, until a public school was built in Seagrove.