The Biden administration has invested a record $16 billion in historically Black colleges and universities (HBCUs) over the past three years to address historical underfunding and support their crucial role in providing educational and economic opportunities for Black students.
Biden Administration Invests Record $16 Billion in HBCUs Over Three Years
The Biden administration has invested a record $16 billion in historically Black colleges and universities (HBCUs) over the past three years. This announcement came before President Biden’s speech at Morehouse College highlighting the administration’s commitment to these institutions, according to the report of USA Today.
The federal investment in HBCUs includes nearly $4 billion from COVID-19 relief, $2.6 billion from the Department of Education to enhance HBCU programs and infrastructure, and over $1.6 billion in federal grants and funding opportunities.
(photo: The Michigan Daily)
Record $16 Billion Investment in HBCUs: Biden Administration’s Historic Commitment
Nearly $950 million has been allocated to enhance HBCU research, with $719 million dedicated to STEM programs. HBCUs received over $150 million in federal contracts for research and STEM education. Additionally, $1.6 billion in capital finance debt relief has been provided to 45 HBCUs, with $2.4 million in Project SERV funds aiding those affected by bomb threats in 2022. Federal programs have contributed $2.8 billion in need-based grants, and nearly $1.3 billion has supported veterans attending HBCUs through the GI Bill and other educational programs.
HBCUs, comprising 3% of U.S. colleges, enroll 8% of Black undergraduates and award 13% of bachelor’s degrees to Black students playing a crucial role in upward mobility and producing Black professionals. However, they’ve historically been underfunded. Large U.S. foundations reduced funding to HBCUs by 30% from 2002 to 2019, while the Ivy League received significantly more. Between 2015 and 2019, HBCUs got $303 million compared to the Ivy League’s $5.5 billion. The Biden administration aims to rectify this underfunding with record investments.
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