WASHINGTON, D.C., March 11, 2023 (GLOBE NEWSWIRE) -- Through his FY 2024 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’24 recommended budget proposes a $820 increase in the maximum Pell award to $8,215, setting it on a path to meet the President’s goal of doubling Pell by 2029; significant increases Title III funding for HBCUs, Predominantly Black Institutions (PBIs) and other Minority Serving Institutions (MSIs); and includes $350 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 $350 million investment in the research capacity and infrastructure at our schools 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).

Additionally, the President’s FY’24 budget includes a consequential proposal first 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.

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 the President’s proposed investments in our students and institutions are prioritized during the FY’24 budgeting process.