Page 7 - Florida Sentinel 8-16-19

College News
Morehouse Creates Fund To Help Eliminate Student Loan Debt
In light of America’s massive student loan debt crisis, which has ballooned to a whopping $1.5 trillion, Morehouse College an- nounced a new program de- signed to help relieve the burden of debt for its grad- uates.
According to the United Negro College Fund, 80% of students at historically Black colleges and universi- ties use federal loans to fund their education, com- pared to 55% of their peers at other private and state in- stitutions. HBCU graduates also borrow nearly twice as much than non-HBCU stu- dents, while 1 in 4 HBCU students borrow at least $40,000 to attend college. At Morehouse, the average graduate owes between $35,000 and $40,000 in student loans.
To help offset the stress of student debt on alumni, Morehouse is launching a funding initiative that will solicit and accept donations made specifically to reduce or eliminate the student loan debt of Morehouse Men. The goal of the More- house College Student Suc- cess program is to give grads greater financial free- dom and the opportunity to pursue advanced degrees, start careers, and build wealth. —(AP)
The program, which was established by the HBCU’s Board of Trustees, will also function as a fund-raising and research initiative that
will study the impact of the cost of higher education on Morehouse Men compared to the freedom that alumni experience in their careers when their student loan bal- ances are paid in full or re- duced.
“The Morehouse College Student Success Program will provide students with a liberating gift that will wipe away or greatly reduce their student loans, allowing them to pursue their dreams and lead lives of leadership and service im- mediately after graduation,” said David A. Thomas, president of Morehouse College, in a statement.
UNCF officials ap- plauded Morehouse’s Stu- dent Success Program as a potential model for other HBCUs and liberal arts in- stitutions.
“Morehouse’s program to provide debt relief to new graduates is a fund-raising opportunity that should be studied and duplicated na- tionally,” said UNCF presi- dent and CEO Michael L. Lomax. “The impact of such a gift, particularly for minority or economically disadvantaged families, could accelerate the growth of a more diverse and ro- bust middle class.”
The new program comes months after Black billion- aire Robert F. Smith, the CEO of Vista Equity Part- ners, committed to donat- ing $40 million to pay off the student debt of the en-
Morehouse College graduation Defender News Service
tire Morehouse 2019 gradu- ating class. “My family is going to create a grant to
loans,” Smith said in May at Morehouse’s commence- ment ceremony. “You great Morehouse men are bound
only by the limits of your own conviction and creativ- ity.” — (Defender News Service via NNPA)
eliminate your
student
FRIDAY, AUGUST 16, 2019 FLORIDA SENTINEL BULLETIN PUBLISHED EVERY TUESDAY AND FRIDAY PAGE 7-A