May 05, 2016 09:41 AM EDT By Mariel Hemingway, UniversityHerald Reporter

Howard University is offering a tempting incentive for students to graduate early or on time. The university will be giving financial rebates on the graduating students' final semester tuition.

The 148th Howard University Commencement Exercise is this month. The financial rebates have been rolling out since last month where some students have received 50 percent from their final tuition fees of the semester and this will continue until the day of graduation. Financial rebates are given through cash, credit or installment plans, Howard University's Anthony D. Owens wrote in a statement.

Howard University hopes that the financial rebates incentive will encourage their students to graduate early or on time. Their dedication in providing affordable higher education to struggling students can be seen through their Graduation Retention Access to Continued Excellence (GRACE) Grant program. The GRACE grant is awarded to low-income students' tuition fees who are graduating on time.

The tuition fees for school year 2015-2016 at Howard University are approximately $11,000 per semester, Washington Post noted. Eligible graduating students can receive up to 50 percent financial rebate or more than $5,000. Howard University has shelled out approximately $250,000 in financial rebates. It is expected that the cost will rise once more and more eligible students are cleared for graduation.

Howard University President Wayne Frederick said that students who graduate on time helps the institution save money, the outlet reported. Adding a year or two in college can cost an additional thousands of dollars in student loan debt. Additionally, having more and more alumni means that they are able to support the school faster once they get their jobs.

A student from Howard University shared to USA Today College that four-year graduation rates in the institution is low, especially among African-American students. Howard University's financial rebate incentive hopes to bridge the graduation gap between White and African-American students is wide. The outlet noted that the graduation rates for African-Americans in most US colleges in universities are not increasing.

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