SAU and Other HBCUs Receive Federal Debt Relief
RALEIGH, N.C. — Saint Augustine’s University (SAU) and many other HBCUs are entering the new year with wonderful news. The federal government recently released a COVID-19-related relief bill to alleviate university debt. The huge spending bill passed by Congress last month includes a variety of COVID-19 relief measures and along with $20.2 billion earmarked for colleges and universities. The spending package also includes $1.3 billion in loan forgiveness for HBCUs that borrowed money through the federal government’s HBCU Capital Financing Program, of which $20 million will be wiped out for SAU.
This is transformative for our financial solvency,” said Dr. Maria Lumpkin, SAU’s Interim President. “We are appreciative of our United States representatives in the state of NC, namely Alma Adams, G.K. Butterfield and David Price who continue to be strong advocates for Saint Augustine’s and other HBCUs. This gives SAU a more leveled playing field.”
This topic was covered in more detail by Inside Higher Ed. Read their article here.