Why we need to strengthen HBCUs amid their recent growth

By Marybeth Gasman

With growing applications and enrollment at Historically Black Colleges and Universities (HBCUs), these important institutions need more support to put African American students on the road to economic prosperity. For this reason, Bank of America, and its education partner EAB, recently announced an expansion of their partnership to support HBCUs. According to EAB Chief Partner Officer, Sally Amoruso, “Despite their vital role in creating opportunities for students and communities of color, many HBCUs face daunting financial pressures caused in large part by a historical lack of support from federal and state governments.”

Three additional HBCUs – Tuskegee University, Harris-Stowe State University and LeMoyne-Owen College – will join the “Way Forward Initiative,” launched with 5 HBCUs in 2021 as part of Bank of America’s US$1.25 billion, 5-year commitment to advance racial equality and foster economic opportunity. The inaugural cohort of 5 HBCUs included Central State University, Huston-Tillotson University, Claflin University, Savannah State University and Virginia Union University.

The Way Forward Initiative is focused on tackling persistent challenges faced by HBCUs – especially those brought on by long-term inequitable funding. It also provides leadership training, collaborative opportunities with peer HBCUs, and works to enhance student retention, graduation rates, and financial stability. This expansion builds on Bank of America’s commitment to build its own diverse talent pipeline and to connect HBCU students to opportunities across industry.