A federal district court this week rejected a lawsuit challenging the Department of Education's selection of a minority-owned firm as designated bonding authority for a financing program to aid black colleges.

The Historically Black College and University Capital Financing Program was approved as part of the 1992 reauthorization of the Higher Education Act of 1965. Section 704 of the act gave the Education Department the authority to create the program, which is designed to help black colleges and universities gain access to the capital markets.

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