reports:YourBlackWorld
Howard University’s financial troubles have been detailed here and here, so as Dr. Wayne Frederick,
acting president of the historic university, prepares to blaze the path ahead, he has his hands full.
When the Obama administration began checking the last five years of a
parent’s credit history—which spans the deepest recession in modern
history—for defaults, instead of just the last 90 days, as was
previously the policy, the rug was pulled out from under HBCUs.
Why? HBCUs typically have a disproportionate number of poor students.
So this policy change forced 28,000 HBCU students to drop out, at a
cost of $150 million to HBCUs. Eighty nine percent of Howard University
students receive financial aid. Add to that the fact that almost half of
the students at all historically black colleges are the first in their
family to attend college. READ MORE
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