HBCU presidents seek meeting with President Obama over rising student loan rates

HUNTSVILLE, Alabama - Presidents of Historically Black Colleges and Universities have requested a meeting with President Obama over the issue of rising student loan rates that "disproportionately" impacts HBCUs.

The letter was reported by HBCU Digest and the report said it was signed by the presidents of 11 HBCUs.

Updated link: Obama announces today he will sign bill Friday to lower cost of student loans.

Tuskegee University President Gilbert Rochon was among those who signed the letter, giving voice to the 14 HBCUs in Alabama -- the largest concentration in one state that includes Alabama A&M University and Alabama State University.

According to HBCU Digest, the letter cited the "harmful effects this policy change has had on access to college nationally, its disproportionate impact on the HBCU community over the past year and its devastating impact on student enrollment in the coming year, and beyond."

Interest rates on subsidized Stafford loans have doubled from 3.4 percent to market value after Congress failed to reach agreement to avoid the spike in interest rates, according to The Associated Press.

The increase is estimated to be about $2,600 per student.

Source: AL.com