Biden announces $1.3B in additional funding for Historically Black Colleges
30% of Historically Black Colleges, Universities' students move up at least 2 income quintiles, says White House
ISTANBUL
The Biden administration announced an additional $1.3 billion in funding for Historically Black Colleges and Universities (HBCUs).
The funding comes on top of the previously announced $16 billion in federal investments in HBCUs, the White House said Monday.
"Investments in HBCUs continue to be one of the most powerful engines of economic mobility for students and their families and have proven to more than pay for themselves," it said. "Despite representing only 3% of colleges and universities, HBCUs provide college access to twice as many Pell Grant-eligible low- and middle- income students as non-HBCU institutions.”
It said HBCUs have produced 40% of all Black engineers, 50% of all Black teachers, 70% of all Black doctors and dentists, 80% of all Black judges and the first Black American and first female vice president, Kamala Harris.
HBCUs, in addition, foster more upward mobility than most US colleges -- about 30% of HBCU students move up at least two income quintiles compared to 18% for non-HBCUs, it noted.
The schools also generate $16.5 billion annually in economic effect on communities across the US, more than 136,000 jobs and $146 billion in collective lifetime earnings for their graduates, it added.
