FOR IMMEDIATE RELEASE
Friday, August 08, 2014
Statement from Dr. Lomax on Dept. of Education's New Parent PLUS Loan Proposal
202 810 0225
UNCF applauds the Department of Education's new Parent PLUS Loan proposal, which would reverse many of the overly restrictive PLUS Loan standards that curtailed college access for thousands of students. The proposed regulation is a huge step in the right direction. Decreases in federal funding and changes in the Parent PLUS Loan Program have cost HBCUs more than $300 million in the last two years alone. We encourage all Americans with a stake in education to express support for this regulation. It outlines reasonable - rather than restrictive - eligibility requirements and appeal processes that would allow approximately 371,000 additional students across the country the chance to receive a PLUS loan, including thousands of students at HBCUs. UNCF participated in the negotiated rulemaking panel, which included Dr. David Swinton, president of Benedict College, and Dr. George French, president of Miles College, after a 3-year, vigorous advocacy campaign to restore the program's original credit standards.