In 2012, 28,000 students at America’s Historically Black Colleges and Universities (HBCUs) were denied Parent PLUS Loans. Since the Obama Administration’s Department of Education changed the loan standards for Parent PLUS loans in October 2011, over 400,000 parents total at U.S. colleges and universities were denied loans.
After the Department of Education began to implement stricter requirements for PLUS loan applicants under 34 CFR§ 682.201 (c)(2), over 14.616, there was a a major spike in loan denials for students at historically Black colleges and universities in particular.
The 2011 change by the Department of Education came in the years after African Americans were disproportionately affected by the economic downturn. In late 2011, the Black unemployment rate hit a 28 year high of 16%.
In 2013, the United Negro College Fund estimated that the change caused HBCUs around the nation to lose over $160 million. Many HBCU advocates say the number is much higher. Over 80% of budgets for HBCUs come from financial aid.
Continued:
http://politic365.com/2014/08/07/hbcus-aft...
Posted By: How May I Help You NC
Friday, August 8th 2014 at 1:40PM
You can also
click
here to view all posts by this author...
