Morgan Stanley has launched the HBCU Scholars program, a $12 million initiative to support full scholarships for students enrolled at three leading historically Black colleges and universities, Spelman, Morehouse and Howard.

The first cohort will consist of a total of 15 scholars among the three schools. A new group will be added each year until the class size includes 60 students from all three institutions by the fourth year. The academic and need-based awards will cover the entire cost of tuition and living expenses for selected students across all disciplines and majors.

“The most significant challenge many of our brilliant Spelman students face is the financial barrier to college completion,” said Mary Schmidt Campbell, Ph.D., president of Spelman. “Through academic research, innovations and advocacy, our students are already working on advanced solutions to some of the world’s most difficult issues. We greatly appreciate the generous support from Morgan Stanley, which will allow our change agents to graduate debt free and pursue opportunities that will have a significant impact on society.”

In addition, Morgan Stanley will provide support through its HBCU Career Preparedness Program, which will be offered through virtual and post-COVID-19 on-site components.

The programs are part of Morgan Stanley’s Institute for Inclusion, and support the firm’s larger mission to create an integrated, holistic and transparent diversity and inclusion strategy both internally and externally.

“We look forward to this deeper journey with Spelman College through Morgan Stanley HBCU Scholars to support them in their mission to help level the playing field for Black students,” said Susan Reid, Morgan Stanley’s global head of diversity and inclusion. “To create a more equitable society, Black academic and economic advancement is critical and removing economic barriers to higher education can create an opportunity for students of color to thrive.”