$25 Million Grant Will Promote Innovation, Entrepreneurship, and Economics to Create Better Futures for Aspiring African American Students and Strengthen Role of HBCUs
WASHINGTON, DC—The United Negro College Fund (UNCF), the nation’s premier scholarship organization, announced today that it has received a $25 million grant from Koch Industries, Inc. and the Charles Koch Foundation. The partnership will provide nearly 3,000 merit-based awards to African American undergraduate, graduate, and post-doctorate students seeking scholarship assistance. It will also strengthen the 37 UNCF-member Historically Black Colleges and Universities (HBCUs) by helping them offset funding shortfalls as a result of recent changes to the Parent PLUS loan program.
Key elements of the donation include:
$18.5 million is directed to the UNCF/Koch Scholars Program and its administration. Funds will be used to provide scholarships for exemplary students with demonstrated financial need and an interest in the study of how entrepreneurship, economics, and innovation contribute to well-being for individuals, communities, and society. Funds will also be used to provide an annual summit, mentorship opportunities, and school programs; and
$6.5 million is provided for general support to HBCUs and UNCF, with $4 million set aside for the 37 UNCF-member HBCUs and their students to provide financial relief related to the […]