Cutbacks in federal and state spending coupled with infrastructure repairs and staunch competition from mainstream institutions with limitless resources have ensued severe financial constraints on America's HBCUs.
A panel of HBCU presidents and administrators stressed the need for greater federal financial support during a congressional hearing Wednesday intended to address the many obstacles facing America’s private and public historically Black colleges and universities.
“It is all about capital at Fisk,” said Fisk University President Hazel O’Leary. “We were the first university in Nashville. We have a campus that was listed under the register of historic sites. But with that comes an overwhelming requirement to take care of these beautiful buildings. When I arrived deferred maintenance last done in 2005 was at $19 million. [Today] we’re over $30 million in deferred maintenance. Debt service is approximately 10 percent of our budget.”
As critics continue to question the viability of HBCUs, especially those struggling from low graduation rates, fiscal troubles, accreditation problems and the instability of leadership, the fact remains that HBCUs play a critical role in educating low-income and traditionally underrepresented students.
While HBCUs represent only 3 percent of all colleges and universities, they enroll close to one-third of all Black students. Forty percent of HBCU students pursue four-year degrees in science, technology, engineering and math, and about half of all Black students in teaching fields attended HBCUs. Three-quarters of all African-American Ph.D.s did their undergraduate studies at an HBCU, and, according to a study conducted by the National Center for Education Statistics, the total economic impact of the nation’s HBCUs in 2001 was $10.2 billion.
Still, nearly 80 percent of students attending HBCUs require some sort of financial aid. Financial inadequacies contribute to a number of Black students dropping out of college, and small endowments restrict the amount of financial aid historically Black institutions can offer prospective students. Spelman College’s endowment is worth over $100,000 per student, making it the highest endowment per student of all HBCUs. However, Grinnell College in Iowa, a majority institution similar to Spelman in size, boasts a financial endowment over $1 billion.
