Wilberforce University and Other HBCUs To Receive Loan Forgiveness From Congress
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Posted By: Kennedy Williams on February 02, 2021 Thanks to the benefits of the Coronavirus Response and Relief Supplement Appropriations Act (CRRSAA), several HBCUs will be able to have some of their debt relieved. One of those schools is Wilberforce University in Ohio. As the first private HBCU in the country, Wilberforce heavily relies on endowments for revenue, but over the years, the school’s endowment has continued to drop. Through the CRRSAA, schools like Wilberforce will be able to pay off outstanding debt. In a statement about the impact of this act, Congressman Mike Turner said, “This would make a tremendous difference to get Wilberforce back to financial independence and stability. Wilberforce had and has an outstanding loan upwards of $25 million. In the CARES ACT, we’ve been able to secure funding for historically black colleges.” In a statement to 2 News, Dr. Efred Pinkard, President of Wilberforce, said: “On behalf of the Wilberforce University community, I express sincere and heartfelt thanks and appreciation to our partner, United Negro College Fund (UNCF, Inc.), Congressman Michael R.Turner and members of the Congressional Black Caucus for their steadfast support, advocacy and hard work which resulted in loan forgiveness for Wilberforce University under the HBCU Capital Financing Program. This significant reduction in the university’s debt will allow us to continue our path forward to a financially stable, high performing and sustainable Wilberforce University committed to providing an outstanding academic and student-engagement experience for the students we serve.” If you enjoyed this article, Join HBCU CONNECT today for similar content and opportunities via email! |
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Kennedy Williams
From Loganville, GA Spelman College class of 2020 Member Since July 2016 |
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