The Department has statutory authority to guarantee bonds for up to $1.1 billion (no more than $733,333,333 will be used for private HBCUs and no more than $366,666,667 will be used for public HBCUs). Currently, the HBCU Capital Financing Program outstanding balance is about $700 million ($100 million attributed to public HBCUs and $600 million attributed to private HBCUs). Because the outstanding interest and principal cannot exceed $1.1 billion, there is only about $400 million available for new loans (about $134 million available for private HBCUs and about $266 million available for public HBCUs).