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For recent Delaware State University (DSU) graduates, student debt will be less of a burden. According to the university , they will cancel up to $730,655 in student debt for recent graduates that have faced financial hardship during the COVID-19 pandemic. The historically Black university has used its stimulus funds from President Biden’s American Rescue plan to help its students by canceling their debt. Forbes reports that The Education Department updated guidance in March to allow institutions to use the money for different needs which includes canceling some student debt. “Too many graduates across the country will leave their schools burdened by debt, making it difficult for them to rent an apartment, cover moving costs, or otherwise prepare for their new careers or graduate school,” said Antonio Boyle, a vice president for the university. He also notes that 87 percent of DSU graduates either enter the career of their choice or enroll in graduate school within six months of...
It’s time for Historically Black Colleges and Universities (HBCUs) to get what they deserve. After a 2016 Duke University research paper revealed that HBCUs pay more for loans than other colleges and universities, Congress has decided to revisit the issue at hand and it looks like the change that is needed could soon come. Professor Bill Mayew — one of the researchers on the topic at hand — told AfroTech via email what all of this means for our beloved HBCUs. “Specifically, in an analysis of almost 1,000 colleges, about 10% of which were HBCUs , issuance costs for HBCUs were about 20% more than non- HBCUs because it’s harder for those underwriters to find buyers,” said Professor Mayew in regards to those exact findings. “As an example, our estimates suggest that to issue a $30 million bond, it costs an HBCU about $290,000, versus about $242,000 for a non- HBCU . This $48,000 difference is a significant financial burden. And this effect is much stronger in states that are known to...
BET’s founder is demanding a change when it comes to Black wealth! Robert Johnson, also the founder of The RLJ Companies, has proposed a new program that would change the way Black-owned businesses gain access to capital. The Better Opportunity and Outcomes for Socially Disadvantaged Talent (BOOST) Act is based on the FCC Tax Certificate Policy which was created in the 1970s as an effort to increase minority ownership of media properties, according to PR Newswire. It is a response to the historic problem of attracting capital, specifically “strategic equity” capital, that Black business owners and socially disadvantaged minorities face — something that has long affected them since before the COVID-19 pandemic. “The biggest challenge to racial equality in our nation is the glaring wealth chasm between Black and white American families,” said Johnson in a news release. “To close that gap, there must be a commitment to finding a workable solution to the lack of capital in the Black...
NBA legend Wilson Chandler has made history. In a press release announcement, it was revealed that the basketball superstar has entered into a one-of-a-kind partnership with CryptoKickers, a non-fungible token-based fashion brand designing “Footwear for the New World.” This partnership marks the first time in history that a sports star has entered into a “virtual kicks” partnership. “As we build out the leading footwear brand for the Metaverse, we wanted to find a star athlete with an innovative spirit and style — someone who actually cares about this stuff,” said CryptoKickers co-founder Thomas Dimson, in the press release announcement. On Wednesday, April 21 at 11:11 a.m. PST, the team will release 21 pairs of “Wilson Chandler 1s” on their website, with additional releases to follow. “As soon as I discovered CryptoKickers, it was a no-brainer to collaborate with them,” said Chandler, a 13-year NBA veteran. “I’ve been in the crypto space for some time and recently became obsessed...