At the 2024 HBCU Week Conference in Philadelphia, President Joe Biden announced an unprecedented $1.3 billion investment in Historically Black Colleges and Universities (HBCUs), further solidifying his administration’s support for these institutions.
The previous commitment of $16 billion, combined with this announcement, brings the total federal investment in HBCUs to over $17 billion since in 2021—an unparalleled dedication to these institutions, which have long been critical to advancing educational and economic opportunities for Black Americans.
The new funding includes $188 million in competitive grants from the U.S. Department of Education, to boost research and development capacities at HBCUs. More than $1 billion will directly support students through need-based grants and other federal programs, including Pell Grants.
Biden also introduced several new initiatives, including federal grants for eight HBCUs to enhance STEM programs and diversify the workforce. “In just four years working with HBCU leaders, we’re making the most significant investment in Black America ever in American history,” he said in his speech at the conference.
The Biden administration previously signed the CHIPS and Science Act, which mandates federal support for expanding the research capabilities of HBCUs as part of a broader effort to ensure these institutions have the resources needed to compete for federal research dollars and support STEM education.
Historically, HBCUs have been instrumental in producing a significant portion of Black professionals across various fields. They are responsible for 40% of all Black engineers, 50% of Black teachers, 70% of Black doctors and dentists, and 80% of Black judges.
Recent research by the UNCF, or the United Negro College Fund, reveals that HBCUs contribute $16.5 billion annually to the U.S. economy, generate over 136,000 jobs, and significantly impact the lifetime earnings of their graduates.
Before concluding his speech, Biden urged voters to back Vice President Kamala Harris in the upcoming election saying, “God willing … an HBCU graduate … will soon be sitting behind the resolute desk, pushing the gates of freedom open once and for all.”
