To address the difficulties Historically Black Colleges and Universities often face accessing
traditional funding sources, the U.S. Department of Education created the HBCU Capital Financing Program
and selected Rice Capital Access Program, LLC, to administer the program loans.

RICE CAPITAL ACCESS PROGRAM

Providing Low Cost Capital for HBCU Improvements

Historically Black Colleges and Universities have played a vital role in American history. Originally created to provide educational opportunities for African Americans after the Civil War, more than 100 HBCUs are still open and thriving today.

The HBCU Capital Financing Program was created to help HBCUs finance important capital projects at the lowest cost of borrowing available in today’s challenging credit environment. The Department of Education guarantees repayment of principal and interest for each HBCU loan with the Secretary of Education’s Letter of credit and an escrow that borrowers can use to pay for any delinquency or default. Program loans range in size from under $10 million to more than $200 million.

Since 2009, Rice Capital Access Program has facilitated 60 direct loans for public and private higher education institutions through the program totaling $2.8 billion.

Qualifying

Look here to see if your institution qualifies for the program.

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How to apply

Applying is straightforward. Assemble the required documents from the documentation checklist and submit them with your loan application.

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What to Expect

Review our sample timetable to see the steps in the process.

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Case Studies

Browse through these case studies to see how the program
has helped other HBCUs.

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HBCU LOAN RATES

  • HBCU loans are the lowest cost way to finance capital projects.
  • Rates vary according to the term of the project.
  • Loans are available at 0.225% (22.5bp) over the corresponding short‐term
    Treasury note or long‐term Treasury bond and are often fixed for the life of the loan.

Program Updates and News

Program Information and Updates, 2023

Higher Education Funding in Biden’s Social Agenda Would Support Low‐Income Students: Experts

How America Cheated Its Black Colleges

Transaction Highlights

$91,500,000

Hampton University

New Money Loan and Refinancing
06/27/24

$97,500,000
morgan-state-univ

Florida A&M University

New Money Loan and Refinancing

02/13/24

$10,000,000

Benedict College (SC)

New Money Loan
11/15/23

$35,000,000

Tuskegee University (AL)

New Money Loan
11/08/23

$29,000,000
morgan-state-univ

University of the Virgin Islands

New Money Loan
08/22/23

$58,500,000
morgan-state-univ

Morehouse College (GA)

New Money Loan
02/22/23

$226,500,000

Howard University (DC)

New Money Loan
01/25/23

$19,500,000

Virginia Union University

New Money Loan
01/18/23

$65,000,000
morgan-state-univ

Morgan State University (MD)

New Money Loan
12/01/22

$41,000,000
morgan-state-univ

Dillard University (LA)

New Money Loan
10/20/22

$34,250,000

Fisk University (TN)

New Money Loan
08/19/22

$39,750,000

Meharry Medical College (TN)

New Money Loan
03/16/22

$15,000,000
morgan-state-univ

Miles College (AL)

Restructuring

10/26/21

$47,000,000
morgan-state-univ

University of the
Virgin Islands

Refinancing and
New Money Loan
11/13/19

$44,000,000
morgan-state-univ

Florida Memorial University

Refinancing
10/23/19

$70,000,000

Alabama A&M University

New Money Loan
9/19/19

 

$100,000,000
Alabama A&M University

GRAMBLING STATE UNIVERSITY (LA)

Refinancing and
New Money Loan
11/30/16

$36,600,000
South Carolina State University

South Carolina State University

Loan Refinancing
9/27/16

$25,000,000
Jarvis Christian College (TX)

Jarvis Christian College (TX)

Refinancing and
New Money Loan
7/28/16

$38,000,000
Livingstone College (NC)

Livingstone College (NC)

Refinancing and
New Money Loan
12/3/15

$21,000,000
Lawson State Comm. College (AL)

Lawson State Comm. College (AL)

Refinancing and
New Money Loan
7/16/15

$14,727,000
Philander Smith College (AR)

Philander Smith College (AR)

Refinancing
6/11/15

$19,000,000
University of the Virgin Islands

University of the Virgin Islands

New Money Loan
2/27/15

$30,035,000
Arkansas Baptist College

Arkansas Baptist College

Refinancing and
New Money Loan
12/3/14

$26,150,000
Johnson C. Smith University (NC)

Johnson C. Smith University (NC)

Refinancing and
New Money Loan
8/28/14

$18,500,000
Voorhees College (SC)

Voorhees College (SC)

Refinancing and
New Money Loan
6/26/14

$7,500,000
Grambling State University (LA)

Grambling State University (LA)

New Money Loan
5/29/14

$13,500,000
Central State University (OH)

Central State University (OH)

Refinancing
9/24/13

$19,000,000
Morehouse College (GA)

Morehouse College (GA)

Refinancing
9/10/13

$56,000,000
Benedict College (SC)

Benedict College (SC)

Refinancing and
New Money Loan
6/27/13

$60,065,000
Hampton University (VA)

Hampton University (VA)

Refinancing
5/30/13

$55,000,000
Texas Southern University

Texas Southern University

New Money Loan
9/27/12

$40,000,000
Stillman College (AL)

Stillman College (AL)

Refinancing
9/13/12

$60,000,000
Meharry Medical College (TN)

Meharry Medical College (TN)

New Money Loan
8/30/12

$16,060,000
Florida Memorial University

Florida Memorial University

New Money Loan
6/7/12

$96,000,000
Alabama A&M University

Alabama A&M University

Refinancing and
New Money Loan
9/24/15

$27,500,000
Stillman College (AL)

Morehouse School of

Medicine (GA)

Refinancing and New
Money Loan
10/18/17

$28,000,000
Florida Memorial University

Tuskegee University (AL)

Refinancing
8/4/17

$12,500,000
Meharry Medical College (TN)

Southern University at

Shreveport (LA)

Refinancing
9/28/17

$27,000,000
Southern University

Southern University of Baton Rouge

Refinancing
12/6/17

$152,000,000
ALABAMA STATE UNIVERSITY

ALABAMA STATE UNIVERSITY

Refinancing
03/06/18

$25,000,000
morgan-state-univ

MORGAN STATE UNIVERSITY (MD)

New Money Loan
11/15/18

$18,000,000

Johnson C. Smith
University (NC)

Refinancing
12/11/19

$100,000,000

Xavier University (LA)

Refinancing and
New Money Loan

6/25/20

$125,000,000
morgan-state-univ

Florida A&M University

Refinancing and
New Money Loan
3/6/19

$69,750,000
morgan-state-univ

MORGAN STATE UNIVERSITY (MD)

Refinancing and
New Money Loan
10/29/20

$48,500,000
morgan-state-univ

MEHARRY MEDICAL COLLEGE (TN)

New Money Loan
8/19/20