ATLANTA (AP) — The Arthur M. Blank Family Foundation announced a transformative $50 million donation to Atlanta’s historically Black colleges and universities (HBCUs) on Monday, aiming to close financial aid gaps that may hinder students from graduating. This substantial initiative will support approximately 10,000 students with 'gap scholarships' if they are nearing graduation with good academic standing and have tapped out all other financial resources. The foundation's goal is to elevate graduation rates at prominent institutions such as Clark Atlanta University, Morehouse College, Morris Brown College, and Spelman College.
'These grants are a material investment in hope,' stated Fay Twersky, the foundation’s president. This decade-long commitment comes on the heels of a federal announcement regarding a redirection of almost $500 million in funding towards HBCUs and tribal colleges, amidst budget cuts to Hispanic-serving institutions.
Arthur Blank, co-founder of The Home Depot and owner of the Atlanta Falcons, has pledged to donate at least half of his wealth and has contributed over $1.5 billion through his foundation. This latest donation represents the largest to HBCUs in Georgia, building on previous contributions aimed at educational innovation and infrastructure.
The economic impact of Atlanta’s HBCUs is significant, contributing around $1 billion annually to the region. Their track record in elevating students from lower income households to upper-income brackets underscores their vital role in promoting social mobility and educational equity.
'Our hope is that by helping more students earn their degrees, launch successful careers and become alumni who give back, we are investing in a cycle of opportunity that benefits young people and their families in Atlanta and communities across the nation for years to come,' the foundation said.
Leaders from the four colleges praised the initiative, emphasizing that this monumental investment will enable students to concentrate on their studies rather than financial burdens.
'These grants are a material investment in hope,' stated Fay Twersky, the foundation’s president. This decade-long commitment comes on the heels of a federal announcement regarding a redirection of almost $500 million in funding towards HBCUs and tribal colleges, amidst budget cuts to Hispanic-serving institutions.
Arthur Blank, co-founder of The Home Depot and owner of the Atlanta Falcons, has pledged to donate at least half of his wealth and has contributed over $1.5 billion through his foundation. This latest donation represents the largest to HBCUs in Georgia, building on previous contributions aimed at educational innovation and infrastructure.
The economic impact of Atlanta’s HBCUs is significant, contributing around $1 billion annually to the region. Their track record in elevating students from lower income households to upper-income brackets underscores their vital role in promoting social mobility and educational equity.
'Our hope is that by helping more students earn their degrees, launch successful careers and become alumni who give back, we are investing in a cycle of opportunity that benefits young people and their families in Atlanta and communities across the nation for years to come,' the foundation said.
Leaders from the four colleges praised the initiative, emphasizing that this monumental investment will enable students to concentrate on their studies rather than financial burdens.
