To support institutional advancement, the United States Department of Education issued $1.6 billion in debt relief for 45 historically Black colleges and universities (HBCUs).
Funding was provided under the Coronavirus Response and Relief Supplemental Appropriations Act (CRRSAA) passed in December 2020. Chosen schools are participants of the HBCU Capital Financing Program, which provides low-cost loans, the department reported.
“Our HBCUs have long been on an uneven playing field, financially, as compared to many other postsecondary institutions,” Secretary of Education Dr. Miguel Cardona said in a statement. “This relief will further support these mission-critical institutions and help to ensure they have more resources to educate and graduate students during the unprecedented COVID-19 pandemic.”