VSU Joins Initiative Offering Alternative To Federal Student Loans
Virginia State University among 34 Minority Serving Institutions to join Student Freedom Initiative
Virginia State University is among 34 institutions that will participate in a program that has the potential to impact college debt for thousands of students. Student Freedom Initiative has announced that Virginia State University will join their Minority Serving Institutions (MSIs) that offer an income contingent alternative to federal Parent PLUS loans.
The program is designed to provide college funding for students who agree to make payments back to the program based on what they earn after leaving college. The terms of the program offer students financial assistance—with all repaid funds received under these arrangements being recycled back into the program for future students.
“In founding Virginia State University, Alfred W. Harris said he dreamed of ‘a place where all may go to drink from the fountain of knowledge until their ambition is satiated.’ This program moves Virginia State University one step closer to that dream,” said VSU President, Dr. Makola M. Abdullah. “As the Commonwealth’s most affordable four-year university, we are grateful to continue providing access and opportunity for those seeking a transformative education.”
The selected institutions include: Alabama State University (AL), Albany State University (GA), Bennett College (NC), Central State University (OH), California State University, Long Beach (CA), City University of NY (CUNY) – Hunter College (NY), Morris College (SC), Lincoln University (PA), Saint Augustine’s University (NC), Stillman College (AL), University of California – Riverside (CA), Virginia State University (VA), West Virginia State University (WV), and Wilberforce University (OH).
With the addition of the 11 HBCUs, Student Freedom Initiative is now engaged with 48 HBCUs participating in one or more components of the program in a total of 18 states. This represents approximately 48% of all HBCUs. Read more information about the Student Freedom Initiative.