Congresswoman Adams' Education Bill Closer to Making Capital More Accessible for HBCUs
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Posted By: Reginald Claremont on July 01, 2016 Congresswoman Alma S. Adams (NC-12) announced that five education bills were marked up by the House Education and the Workforce Committee last week. One of the bills was introduced by Congresswoman Adams; the HBCU Capital Financing Act (H.R. 5530) which will increase access to capital for HBCUs. “Many HBCUs lack the large endowments often found at other institutions. Programs such as the HBCU Capital Financing Program supplement smaller endowments and provides HBCUs with funding for much needed upgrades and maintenance to their campuses,” Congresswoman Adams stated. “The purpose of my bill is to create greater access to this program for all HBCUs so that we can better level the playing field for our HBCUs and their students.” The HBCU Capital Financing Act (H.R. 5530): - Reclassifies the “escrow account” as a “bond insurance fund.” HBCUs participating in the Capital Financing Program currently pay a fee that is assembled into an “escrow account” to pay for any loan defaults or delinquencies. This change would allow more public institutions to participate in the program. - Provides additional support to institutions interested in participating, but unable to meet the program’s financial requirements. The bill will allow the Department of Education to offer financial counseling, in addition to the technical assistance already provided. The Committee on Education and the Workforce considered four other bills related to higher education on Wednesday: 1. H.R. 3178, “Strengthening Transparency in Higher Education Act” - Will improve data transparency for prospective students by creating a new College Dashboard to replace the College Navigator tool. 2. H.R. 3179, “Empowering Students through Enhanced Financial Counseling Act” - Will provide students with increased financial counseling and information before students begin school, during their college experience and after graduation to decrease the amount of debt owed after graduation and an enhanced understanding of students rights when navigating the financial system. 3. H.R. 5528, “Simplifying the Application for Student Aid Act” - Will provide for the use of prior‐prior year tax data for the FAFSA. 4. H.R. 5529, “Accessing Higher Education Opportunities Act” - Will create two new allowable uses of funds for Title V Hispanic Serving Institution grants, to expand access to dual enrollment and early college high school programs, and to create more pathways to post‐baccalaureate doctoral medical programs at HSIs. As founder and co-chair of the Bipartisan Historically Black Colleges and Universities (HBCU) Caucus, Congresswoman Adams remains passionate about advocating for the needs of HBCUs. Increased access to capital, counseling, and financing will allow these institutions to grow and better serve the needs of their communities. All five bills considered by the Committee on Education and the Workforce this week were reported favorably out of committee and supporters hope to have the opportunity to vote on them in the near future. If you enjoyed this article, Join HBCU CONNECT today for similar content and opportunities via email! |
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Reginald Claremont
President, Fulfillment and Web Services, HBCUCONNECT Clark Atlanta University class of 1998 Member Since September 2000 |
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