Washington, D.C., March 11, 2024 (GLOBE NEWSWIRE) — Through his FY 2025 (FY’25) budget proposal, President Biden and his administration have once again shown their commitment to investing in Historically Black Colleges and Universities (HBCUs) and their students.
The President’s FY’25 recommended budget proposes a $750 increase in the maximum Pell award over FY’23 levels to $8,145 and maintains the strength of student aid programs such as Federal Work-Study and the Federal Supplemental Equal Opportunity Grants program (FSEOG). Additionally, similar to last year, the President’s FY’25 budget includes a consequential proposal originally introduced in the President’s Build Back Better plan that would subsidize tuition for students during their first two years of attendance at an HBCU or MSI who come from families earning less than $125,000 a year.
The President’s recommended budget also includes significant increases in Title III funding for HBCUs, Predominantly Black Institutions (PBIs) and other Minority Serving Institutions (MSIs); and includes $100 million for four-year HBCUs, PBIs and MSIs to expand their research and development infrastructure.
Increasing research capacity and opportunity at our schools is of critical importance to the long-term sustainability and growth of our institutions, and to our nation’s global competitiveness. A $100 million investment in the research capacity and infrastructure is a material enhancement of the $50 million commitment made in the FY’23 budget which was funded through the Fund for the Improvement of Postsecondary Education (FIPSE) but is, unquestionably, a significant step backwards from the $350 million that the President requested in his FY’24 budget proposal. We strongly encourage the Administration to consider an upward adjustment in its proposed investment in FIPSE as it begins its negotiations with Congress on the FY’25 budget.
As always, TMCF looks forward to working with Congressional leadership on both sides of the aisle, the Congressional Black Caucus and the Bipartisan HBCU Caucus to ensure that investments in our students and institutions are prioritized during the FY’25 budgeting process.
About the Thurgood Marshall College Fund
Established in 1987, the Thurgood Marshall College Fund (TMCF) is the nation’s largest organization exclusively representing the Black College Community. TMCF member schools include the publicly supported Historically Black Colleges and Universities, Historically Black Community Colleges and Predominantly Black Institutions, enrolling nearly 80% of all students attending black colleges and universities. Through scholarships, capacity building and research initiatives, innovative programs, and strategic partnerships, TMCF is a vital resource in the K-12 and higher education space. The organization is also the source of top employers seeking top talent for competitive internships and good jobs. TMCF is a 501(c)(3) tax-exempt, charitable organization. For more information about TMCF, visit www.tmcf.org.
