A new report from the Frederick D. Patterson Research Institute of the United Negro College Fund finds that student loan debt is a greater problem for those who are enrolled at historically Black colleges and universities (HBCUs) than for students at other educational institutions.
The data shows that 80 percent of all students at HBCUs borrow money under federal student loan programs. The average amount of loan debt for HBCUs graduates is $26,266. For students at other educational institutions the average debt load is $14,881. One quarter of all HBCUs graduates had student loan debt of more than $40,000. This is four times the rate of non-HBCU graduates.
The report concludes that “the federal student aid system must be simpler and more targeted to maximize assistance to those students in need of financial help to enter and complete college. HBCU students, who are among the country’s most financially needy students, should be at the top of the list.”
The full report, Fewer Resources, More Debt: Loan Debt Burdens Students at Historically Black Colleges and Universities, may be downloaded by clicking here.