Another Black equity banker and his wife are donating $1 million dollars to Spelman College to assist in offsetting the cost of nearly 50 students’ tuition.
“We are all aware of the headwinds that people of color — especially women — face in our country, the challenges of which are made even more apparent by the economic and health impact of the COVID-19 pandemic,” Frank and Laura Day Baker said in a statement.
Baker has already spent $250,000 to help cover the tuition of students so they can graduate without balances owed and he plans spend no less the $1 million dollars the next three years to give other Spelman graduates that same benefit.
“The people who my heart really goes out to are women in their senior year who can’t afford it anymore and have to drop out,” Baker told Forbes.
This comes a year following Robert Smith’s offer to pay off the student loan debt for all graduating seniors at Morehouse College in Atlanta, Ga.