Sixty students at three historically Black colleges and universities (HBCUs) will have their entire tuition paid by Morgan Stanley, the company announced Wednesday.
The four-year academic and needs-based scholarships are part of its HBCU Scholars program, available to students at Howard University, Morehouse College, and Spelman College. The scholarships will be open to students in all disciplines and majors, The Hill reports. The bank has committed up to $12 million to fund the program.
“To close the racial wealth gap, we know that Black academic and economic advancement is essential. Racial inequity around access to and affordability of higher education can impact Black students’ ability to grow generational wealth,” Susan Reid, Morgan Stanley’s Global Head of Diversity and Inclusion, said in a statement Wednesday.
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“Historically Black Colleges and Universities continue to lead the way in leveling the playing field while creating an environment for students of color to thrive. We are proud to support them and their students and we look forward to this deeper journey with Spelman, Morehouse, and Howard,” the statement continued.
Morgan Stanley will pay the tuition over the next four years.
“Over the next four years, 20 @SpelmanCollege students will receive full scholarships, as well as career readiness support thanks to the generosity of @MorganStanley. We appreciate their commitment to reducing financial barriers for our students,” wrote Spelman president Mary S. Campbell on Twitter.
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Morehouse also announced in a tweet, “Morehouse will share in a $12M gift donated by @MorganStanley to establish the new Morgan Stanley HBCU Scholars program, an initiative that will provide full scholarships to 60 students at three participating institutions.”
According to the press release, the Morgan Stanley HBCU Scholars program provides:
- Financial Support
- For the next four years, Morgan Stanley will provide academic and needs-based four-year scholarships (“Morgan Stanley HBCU Scholars Program”) at each institution. The scholarships will cover the entire cost of attending the institution for each academic year and will be open to students across all disciplines and majors.
- The first-year class size is 15 scholars; a new class of scholars will be added each year for a class size of 60 by the fourth year.
- Morgan Stanley will be spending up to $12 million to support this program.
- Career Readiness
- The “HBCU Career Preparedness Program” will be offered to Morgan Stanley HBCU Scholars with virtual and on-site (post-COVID-19) components to complement their on-campus curriculum
“This program reflects our intention to invest in communities of color and support the career aspirations of black students, consistent with one of our core values, Commit to Diversity and Inclusion,” said James Gorman, Chairman and CEO, Morgan Stanley. “We look forward to partnering closely with HBCU faculty and students to support rising talent in an effective and meaningful way.”
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