Morgan Stanley, the global financial services firm, announced Wednesday it will contribute $12 million to three Historically Black Colleges & Universities, including two in Atlanta, as part of a new scholarship program.
The three schools — Morehouse and Spelman colleges in Atlanta and Howard University in Washington, D.C. — will each receive $4 million. The scholarships will pay the entire tuition for the recipients and the company will also provide support for career skills and readiness. The program will begin at the fall 2021 semester.
“This program reflects our intention to invest in communities of color and support the career aspirations of black students, consistent with one of our core values, Commit to Diversity & Inclusion,” James Gorman, Chairman and CEO, Morgan Stanley, said in a statement. “We look forward to partnering closely with HBCU faculty and students to support rising talent in an effective and meaningful way.”
Morehouse and Spelman have each received several similar contributions in recent months from companies and philanthropists desiring to address concerns in their industries about systemic racism. For example, Netflix CEO Reed Hastings and his wife, philanthropist Patty Quillin announced in June they are donating $40 million to the two Atlanta colleges and another $40 million to the United Negro College Fund.
Howard, Morehouse and Spelman have among the highest graduation rates among HBCUs, but they also have large percentages of students who come from low-income backgrounds and face challenges paying for their college education.
“The Morgan Stanley HBCU Scholars program will make college a reality for students in families who could not otherwise afford a higher education,” said Morehouse’s president, David A. Thomas. “The gift will not only improve the lives of scholarship recipients, it will also lead to positive changes for communities of color.”
