Eight private historically black institutions have been granted loan deferments for payments owed to the federal government through its capital financing program.
The initiative will postpone principal and interest payments from Bennett College, Florida Memorial University, Huston-Tillotson University, Saint Augustine’s College, Shaw University, Vorhees College, Wilberforce University and Wiley College for six years, and will refund payments made by the schools during the last fiscal year.
HBCU Presidents applauded the work of the federal HBCU Caucus and the United Negro College Fund for advocating on behalf of vulnerable institutions which have struggled make repayments to the government through the program which helps HBCUs to build or renovate campus facilities.
“We are grateful that Congresswoman Alma Adams (NC) and Republican Congressman Ted Budd (NC), continue to advocate for our institutions,” said Saint Augustine’s University president Everett B. Ward. “This landmark decision not only supports higher education, but this decision preserves the educational opportunities for our students.”
Officials at Saint Augustine’s say the deferment program will help the campuses to receive more than $1 million in funds paid to the program last year.
It is the second round of HBCU loan reforms advanced over the last six months by the Trump Administration, which in February forgave more than $300 million in loans owed by Dillard University, Southern University at New Orleans and Xavier University of Louisiana secured to rebuild campuses in the aftermath of Hurricane Katrina.
“This reform to the HBCU Capital Financing Program will keep the doors open at eight of our HBCUs, preserving opportunity for hundreds of students in North Carolina, and thousands of students nationwide,” said Rep. Alma Adams. “Congress and the Department of Education have made it clear: America needs HBCUs for our country to thrive. I am proud to have worked with this coalition, and I thank UNCF for their help in bringing this important effort across the finish line.”
