Based on the Joined Negro University Funds, “HBCU graduates borrow almost twice as much — $26,266 normally — than simply non-HBCU children. And one during the five HBCU youngsters borrows $40,one hundred thousand or maybe more to go to university,” the brand new pr release told you.
“Morehouse’s system to include debt relief to the new students was a great fundraising opportunity that should be analyzed and you can duplicated nationally,” Michael L. Lomax, chairman and you will Chief executive officer of United Negro College or university Fund, told you when you look at the an authored declaration. “The fresh new impact of these a present, especially for minority otherwise financially disadvantaged group, you’ll speeds the growth from an even more varied and you will robust center classification.”
As part of the the fresh new initiative, “Morehouse commonly get and you can undertake donations made particularly to attenuate otherwise get rid of the student loan obligations off Morehouse boys in addition to their mothers or guardians, hence undertaking a chance for deeper financial versatility for new alumni and their household,” the brand new news release told you.