Morgan Stanley and Spelman College have announced the first cohort of students selected to participate in an integrated program to support students at historically Black colleges and universities (HBCUs). The five students have resumes that include internships, community service projects, and academic achievements.

The incoming freshmen will receive four-year scholarships to cover tuition, room, and board. In addition, Morgan Stanley is preparing the scholars for post-graduate careers with virtual and on-site components to complement the on-campus curriculum.

To round out the support, the HBCU Scholars Program will include Morgan Stanley mentors and sponsors to support the scholars.

“Educational attainment is a key focus for our Institute for Inclusion, which includes investing in institutions that contribute to diversifying the talent pipeline entering the workforce,” said Susan Reid, global head of diversity and  inclusion at Morgan Stanley and director of the Institute for Inclusion.

Morgan Stanley’s newly-established Institute for Inclusion is a part of the firm’s mission to create a diversity and inclusion strategy, both internally and externally.

“We know that income inequality in the African American community often creates a barrier between the best and brightest students and college education,” said Mary Schmidt Campbell, Ph.D., president of Spelman. “Through this generous scholarship, our students will have the opportunity to focus on their studies and future careers without the burden of financial debt.”

Last fall, Morgan Stanley, one of the largest U.S. corporations, announced a total of 60 scholarships for students at Howard University, Morehouse College, and Spelman College to set HBCU scholars up on a path to educational attainment and financial independence by lifting the barrier of higher education costs.