Alabama A&M University has concluded a major agreement with the U.S. Department of Education that is designed to help the university’s financial outlook. Under the agreement, $65 million in debt will be refinanced that will save the university about $400,000 a year.
The agreement also includes a new $30 million loan that will be used to construct a new 500-bed residence hall and to renovate several buildings on campus. The loan is the largest in the history of the HBCU Capital Financing Program.
Andrew Hugine Jr. stated that the “financing we have secured will give us the means to house and educate our ever-growing student body.” Alabama State has seen a 44 percent increase in first-year student enrollments since 2012 and a 45 percent increase in graduate enrollments over the same period.