This paper puts in historical perspective and reviews current policy issues unique to private, historically black college. Their historical traditions and mission of service, the paper notes black private colleges currently enroll about 17 percent of blacks in higher education and award more than one-third of baccalaureate degrees earned by blacks. Reviewing financial trends and issues, the paper notes that most private black colleges tend to be poor; tuition traditionally have been low and the schools rely heavily on support from church denominations and from the United Negro College Fund. The balance between fundraising, grants, endowments, and tuition increases is seen as an on-going problem, as are issues of diversity and mixing of cultures on governing boards--both between races and between corporate and church representatives; and the need for more trustee involvement and board training. A recurring theme in the discussion of these issues is the advantage to be gained from cooperative programs with the business community and with large research universities. Other issues covered are faculty salaries, degrees earned, and professional development; faculty-student interaction; student enrollment trends, characteristics, and admissions policies; and public policy issues, particularly in regard to funding. (BF)