SUNO to benefit from federal loan modifications
- 4/5/2013 -
Southern University New Orleans along with other local HBCUs will realize substantial financial benefits from recent federal loan modifications.
The U.S. Department of Education, Friday, April 5, 2013, announced a loan modification agreement to modify or forgive more than $400 million in federal loans for southeastern Louisiana. The loans were still pending after nearly eight years since hurricanes Katrina and Rita.
A measure, added by Sen. Mary Landrieu, D-La., to a 2012 spending bill, enabled the Education Department to modify the loans so that the schools can take advantage of the current low interest rates. Sen. Landrieu, successfully inserted into the federal budget continuation legislation wording that set up the forgiveness of nearly $300 million in community disaster loans that were still hanging over several Louisiana parish governments, school systems, sheriff’s departments and more.