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Saint Augustine s University campus
Historically Black colleges and universities received much-needed debt relief from the federal government as part of the recent COVID-19 relief bill, a change leaders say allows them more financial freedom to invest in their futures.
Congress passed a behemoth spending bill last month that included a variety of COVID-19 relief measures and earmarked $20.2 billion for colleges and universities. Also buried in the omnibus spending package is $1.3 billion in loan forgiveness for HBCUs that borrowed money through the federal government s HBCU Capital Financing Program. The program was established in the 1990s to provide access to low-rate capital that would allow HBCUs to refinance existing debt, make infrastructure repairs and renovations, and work on new construction.