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Treasurer launches distressed colleges loan program

State Treasurer Young Boozer has been working diligently to bring aid to the state’s most “distressed” colleges and universities through a $30 million loan program.

Boozer had asked Attorney General Steve Marshall about the constitutionality of the program.

Today, Boozer announced Marshall had replied the program can be launched.

“We are in receipt of a response from the Attorney General and are opening this program as defined by ACT 2023-278,” said Boozer said.

Related story: State treasurer seeks AG opinion on loans for “distressed” colleges

Last week, Boozer described the process of enlisting the opinion of Marshall on the matter.

“We have been developing the application and procedures to administer this program,” he said in a statement last Friday. “In addition, we have sought an opinion of the Attorney General on the constitutionality of such a loan program.”

“Once we have received the opinion, we plan to proceed as expeditiously as we can, taking into account the findings of the Attorney General’s opinion. We will make more information available about the Program on the State Treasurer’s website.”

According to the law, to qualify for a loan, an institution – any public or private college or university in Alabama – must have been in operation in Alabama for more than 50 years, have a substantial impact on its local community, and be in danger of closing due to financial distress.

The Distressed Institutions of Higher Education Resolving Loan Program is on the Treasurer’s website and open for applications.

For more details on eligibility, required documentation, full text of the law and access to the loan application please visit Distressed Institutions of Higher Education Revolving Loan Program.

Austen Shipley is a staff writer for Yellowhammer News.

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