Hbcu students are burdened by loan debt; policy reforms can address their financial challenges

Students who attend historically black colleges and universities (HBCUs) borrow student loans at higher rates and, consequently, graduate with substantially higher debt than their peers at non-HBCUs, but federal policy changes could help HBCU students lighten their debt load according to a new report released today by UNCF’s Frederick D. Direct student loan processing center Patterson Research Institute (FDPRI).

“Fewer Resources, More Debt: Loan Debt Burdens Students at Historically Black Colleges and Universities” examines the rates, amounts and distribution of student loan debt among HBCU students relative to their non-HBCU peers, focusing on undergraduates attending four-year public, private and nonprofit institutions. Canada student loans Despite attending lower cost institutions, HBCU students borrow loans at greater rates, borrow greater amounts, seek loans from more costly sources and encounter more obstacles repaying their loans.

Government student loans south africa For instance, in 2012, a quarter of HBCU bachelor’s degree recipients borrowed $40,000 or more, which is four times the rate of their non-HBCU peers who borrowed this same amount.

“Student loans have become one of the primary ways students pay for college, but for students at HBCUs—many of whom are first-generation college students or who disproportionately come from low-income families and have less access to financial resources—the reliance on student loans is far greater,” said Dr. Student loans company apply Brian K. Government loans student Bridges, who leads UNCF’s FDPRI.

“When placed into the broader context of the types of students served at HBCUs, the findings of this report help us to better understand the factors that impact HBCU students’ need to borrow and their challenges repaying their loans,” said Bridges. Paying off student loans “These factors include racial wealth gaps, declining investments in higher education, unmet financial need, limited institutional resources, and other economic barriers often experienced by African American students and their families. Repaying student loans Despite these challenges, HBCUs continue to be a ‘best buy’ in higher education by offering comparably lower-cost tuition and disproportionately producing African American college graduates. Department of education student loans UNCF awards $100 million each year in need-based student scholarships to address the financial obstacles that HBCU students confront. Goverment student loans We are doing our part. Paying off student loans with a credit card Now, the country must invest so that HBCU students can earn their degrees with more resources and less debt.”

Cheryl L. Student loans uk Smith, UNCF’s senior vice president for public policy and government affairs urges the new presidential administration, along with Congress, to reinvest in higher education and improve the current federal financial aid policies to help low-income and minority students earn degrees with less debt.

“Recently, some analysts have questioned whether the student debt crisis is real. Paying off student loans before graduation For HBCU students, who increasingly are on the hook for financing college costs, the crisis is ever so real,” said Smith. Student loans company online “This report documents the crisis and suggests four policy areas that are ripe for reform to reduce the heavy debt burden faced by HBCU students. Access student loans Congress and the next administration have an opportunity with the renewal of the Higher Education Act to lessen the financial load.”

1. Student loans gov consolidation Reduce the complexity of the federal student aid eligibility process to reach more low-income students and provide more grant aid for those with need.

4. Student loans gov contact Ensure that the federal student loan servicing system serves students well and that the student loan repayment process is manageable, effective and efficient.

UNCF (United Negro College Fund) is the nation’s largest and most effective minority education organization. Repay federal student loans To serve youth, the community and the nation, UNCF supports students’ education and development through scholarships and other programs, strengthens its 37 member colleges and universities, and advocates for the importance of minority education and college readiness. Website to pay back federal student loans UNCF institutions and other historically black colleges and universities are highly effective, awarding 20 percent of African American baccalaureate degrees. Direct student loans payment center UNCF annually awards $100 million in scholarships and administers more than 400 programs, including scholarship, internship and fellowship, mentoring, summer enrichment, and curriculum and faculty development programs. Government shutdown and student loans Today, UNCF supports more than 60,000 students at more than 1,100 colleges and universities across the country. Financial aid student loans maximum Its logo features the UNCF torch of leadership in education and its widely recognized trademark, “A mind is a terrible thing to waste.”® Learn more at UNCF.org, or for continuous news and updates, follow UNCF on Twitter, @UNCF and #HBCUDebt.

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