Leaders of historically black colleges say they’ll fight a reduction in a federal program they call a financial lifeline at a time of economic distress for the schools and their students.

President Barack Obama’s education budget, unveiled Thursday, included major spending increases in many areas — but didn’t include an extra $85 million that black institutions have received annually for the past two years thanks to a 2007 change to the student loan laws.

That two-year-old program provided direct funds to federally recognized HBCUs — historically black colleges and universities.

Other direct federal support to the schools would increase from $238 million to $250 million, but with the expiration of the HBCU fund the schools effectively would see a $73 million cut.

A program supporting Native American tribal colleges would also see decreased funding, while one for institutions serving large numbers of Hispanic students would see an increase from $93 million to $98 million.

Education Department officials emphasized that all such institutions stand to gain from other parts of the budget, notably the proposed increase in the maximum Pell Grant for low-income students by $200 — to $5,550.