The Biden-Harris Administration has declared a new record in Federal funding and investments for Historically Black Colleges and Universities (HBCUs), amounting to over $16 billion from Fiscal Years (FY) 2021 through the currently available data for FY 2024. This updated total, up from the previously announced $7 billion, encompasses significant additional actions already undertaken.
The sum of more than $16 billion includes over $11.4 billion between FY2021 and FY2023 through Federal grants, contracting awards, and debt relief for HBCUs; over $4 billion between FY2021 and FY2023 for HBCU-enrolled students through federal financial aid and educational benefits for veterans; and so far in FY 2024, over $900 million has been secured for Department of Education programs strengthening HBCUs as institutions.
"HBCUs have been advancing intergenerational economic mobility for Black families and communities, developing vital academic research, and making our Nation more prosperous and equitable," the administration stated. Despite representing only 3% of colleges and universities, HBCUs play an outsized role in supporting the economic mobility of African Americans.
A report by the Council of Economic Advisers (CEA) published today further underscores that HBCUs are engines for upward mobility. It discusses new research showing that HBCU enrollment has considerable positive effects on bachelor’s degree completion and household income later in life.
In addition to the over $11 billion provided to HBCUs, the Biden-Harris Administration has provided over $4 billion to support the success of HBCU-enrolled students through need-based grants and other Federal programs.
While acknowledging that more must be done to ensure equity for HBCUs and their students, the Biden-Harris Administration highlighted several landmark first-of-its-kind results achieved under its tenure. These include initiatives led by various departments such as Defense, Commerce, Agriculture, Energy, Education, Transportation, Health and Human Services, and Housing and Urban Development.
The administration's commitment to advancing racial equity, economic opportunity, and educational excellence is evident in the substantial support extended to HBCUs. This funding not only strengthens these institutions but also empowers their students to contribute significantly to various sectors of the economy.
