According to a recent Washington Post article, the amount of money approved for Federal Parents PLUS loans fell 11 percent during the first three quarters of the 2012-2013 school year.
At Historically Black colleges and Universities, where a greater percentage of students rely on these loans, the amount fell 36 percent, which resulted in a loss of $150 million in funds.
An estimated 28,000 HBCU students were forced to drop out of school as a result.
That number didn’t sit well with Cheryl Harris, Allstate senior vice president and alumna of Florida Agricultural and Mechanical University, which boasts the largest enrollment of any HBCU in the country.
“Every student deserves and is entitled to an education, and the fact that the number of dropouts is that high is upsetting,” she says.
To help solve this issue, Allstate and the Tom Joyner Foundation are teaming up to help HBCU students pursue their dreams and stay in school by donating scholarship funds through Allstate’s 5th Annual Quotes for Education program.