This month, Morehouse College has announced a new program designed to help relieve the burden of student debt for its graduates.
United Negro College Fund, reports, “80% of students at historically Black colleges and universities use federal loans to fund their education, compared to 55% of their peers at other private and state institutions. HBCU graduates also borrow nearly twice as much than non-HBCU students, 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.”
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In response to this stressful reality, the Morehouse College Student Success program has been launched to gift graduates with greater financial freedom. This will not only give them a launchpad for success in the real world but also grant them the opportunity to pursue advanced degrees and build wealth.
The funding initiative, which was established by the HBCU’s Board of Trustees, intends to do this by soliciting donations that will be earmarked with the specific intention of reducing or in some cases even eliminating, the student loan debt of Morehouse alumni.
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The will also do double duty as a fund-raising and research initiative which will examine the impact of the cost of higher education on Morehouse Men in comparison to the freedom that alumni could experience in instances when student loan balances are reduced or paid in full.
“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 immediately after graduation,” said David A. Thomas, president of Morehouse College, in a statement.
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“Morehouse’s program to provide debt relief to new graduates is a fund-raising opportunity that should be studied and duplicated nationally,” echoed UNCF president 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 robust middle class.”