GAO Reports Say Black Colleges Not Taking Full Advantage of a Favorable Government Loan Program for Infrastructure Improvements

A new report from the Government Accountability Office (GAO) suggests that black colleges and universities are not taking full advantage of a federal program that provides low-cost financing for capital improvement projects on these campuses.

In 1992 Congress allocated $375 million which could be used for low-cost loans to black colleges and universities for projects to improve their campus infrastructure or remodel existing structures. Under the program, loans are available at very low interest rates and can be paid back over a period of up to 30 years.

But according to the GAO study, only 14 black colleges and universities have participated in the program and have tapped just over one half of the available funds.