Historically Black Colleges and Universities (HBCUs) have been a cornerstone of Black education since the 1800s. The first HBCU (Cheyney University) was founded in 1837. Its goal was to educate Black students who were denied entry to other institutions of higher education.
Today, these schools remain important places for learning, culture and leadership. They provide a supportive environment where students can thrive academically and socially. HBCUs help students gain vital skills in entrepreneurship and career readiness, which can help propel them toward future career success and wealth creation. In this way, for many students, HBCUs transform education into economic power.
Below, we examine the importance of investing in HBCUs and how they are essential drivers of upward mobility for Black students. We also discuss programs working to support HBCUs and their students, including those led by Robert F. Smith.
Why Investing in HBCUs Yields High Returns for Communities
Investing in HBCUs has a positive impact on the Black community and society as a whole. A recent White House research report, “2023 HBCU Enrollment and Longer-Term Outcomes,” found that HBCUs excel at attracting and supporting Black students, resulting in higher graduation rates and strong career outcomes. Roughly 30% of HBCU graduates rise by two or more income levels by age 30 compared to 18% for Black students at non-HBCUs.
The report also emphasized how HBCUs support stable career paths, particularly in STEM and how HBCU students and graduates play a key role in diversifying STEM fields. HBCUs are essential investments in economic mobility and equity within Black communities.
Smith’s Commitment to Reducing the Racial Wealth Gap Through Education
Smith is deeply committed to advancing racial equity and supporting education reform, which is why he invests in HBCUs and their students. In his commencement speech to the 2019 graduating class of Morehouse College, Smith pledged to eliminate the loans of the graduates and those held by their guardians in their names. These students were able to go back to their communities free of student loan debt to build their lives and pursue their passions. Smith’s action empowered them to pay it forward and create generational wealth.
After the Morehouse College commencement, Smith developed Student Freedom Initiative (SFI) as a scalable solution to the problem of student debt. SFI offers low-cost student loans, mentoring, internships and other resources to ensure success for students at HBCUs, other Minority Serving Institutions (MSIs) and Tribal Colleges and Universities (TCUs).
You can also support HBCUs and their students by:
- Donating: Financial contributions to HBCUs directly or to scholarship funds can help students afford tuition and reduce overall student loan debt.
- Partnering for internships: If you own a business, consider offering internships and employment opportunities, including through the internXL program, a partner of SFI.
- Advocating for funding: Support policies and initiatives for increased government funding for HBCUs.
- Promoting HBCUs: Raise awareness about the role of HBCUs and their contributions and achievements on social media and in your community.
Learn more about SFI’s student-centric programs and how they are helping students create a path to success.
