The school’s principal balance, interests and fees on the loan as of Dec. 27 will be eligible for forgiveness on March. 19. The $25 million represents 60% of the university’s total debt, which was incurred to improve student housing, the university said.
“Wilberforce is an iconic institution, not just for our community, but for our nation at large,” said Turner, vice-chair of the House HBCU Caucus, a bipartisan group of lawmakers dedicated to securing proper resources and funding for the schools. “With increased financial independence and stability, Wilberforce University will remain a historic pillar of equity and justice.”
In recent years, Wilberforce, the nation’s first private HBCU, has struggled financially and has grappled with enrollment declines and other issues. But school officials recently launched a plan to transform the university by attracting more students, add new academic programs and raise funds.