There may be benefits to a HBCU. Formerly these were the training grounds for some of the most prolific freedom fighters, lawyers, educators, theologians, etc. of the day. Of course they were started because an equal opportunity for learning wasnt extended to them in PWI, so I can see why they were founded. Today the need may not be as strong , but I believe it still exists.
For the record, I think its important to point out that Howard is a private institution and their financial problems will not exactly mirror those of a public institution.
The problem as I see it is twofold. #1 College is too expensive and the old model of borrowing your way to a degree is fading (probably after some of the millennials and generations prior have figured that those loans, no matter what you do, must be paid back and its not necessarily an easy task to pull-off)
#2 There are less college-ready students entering high learning institutions. Theyve seen that some with degrees have struggled to get jobs. Theyve seen that the costs are astronomical and will never come down. They feel entitled to learn the way they want to, but fail to see they are more prone to distractions (phones, soc. media) and because of their unwillingness to conform they have missed some valuable instruction in HS/MS/ES that they'll need to remediate before they can perform at college level. And if you know coming out of HS you barely scraped by to get out; you dont even look towards college.