I have every confidence that, like Harvard, flagship HBCUs such as Hampton and Howard Universities will adapt and continue to provide excellence in education and opportunities for the next generation to learn and develop the skills needed to compete in the domestic and global economy.
Even before the pandemic hit, President Trump signed into law the Fostering Undergraduate Talent by Unlocking Resources for Education Act (FUTURE Act), making permanent $255 million in mandatory funding for HBCUs and other minority-serving institutions.
The National Center for Education Statistics notes that total revenue for HBCUs in the 2017–18 school year was $8.7 billion, with $1.9 billion coming from student tuition and fees.
But the Department of Education’s Capital Financing Program can provide more than $500 million in loans to HBCUs as a temporary “bridging” solution, buying the schools much-needed time to start diversifying their revenue streams, expanding private sector partnerships, and realigning their program offerings to more closely mirror the nation’s projected needs in technology, innovation, and military preparedness.
Before the Civil War, public policy and statutory provisions gravely restricted opportunities for black students to pursue higher education and the training needed to compete at the highest levels of our nation’s economy.
