CBCF To Provide Black Students $4M In Scholarships With New Contribution

With new funding, the Congressional Black Caucus Foundation (CBCF) plans to help Black students pay for college.

The foundation will use a contribution of $4 million in scholarships from the Tracking Foundation to help Black American students nationwide cover education costs.  College costs have been steadily rising for several years, even prompting many individuals to not pursue a degree.

The Tracking Foundation’s contribution will award academically talented and highly motivated full-time Black scholars pursuing an undergraduate, graduate, or doctoral degree in all discipline areas, the CBCF told BLACK ENTERPRISE. The scholarships will range from $10,000 to $20,000 annually. Some recipients may get multi-year scholarships.

In 2021, the CBCF announced a previous donation the Tracking Foundation made to the CBCF. The contribution three years ago was a $3.75 million grant from the charitable foundation established by philanthropist Stephen Feinberg to back scholarships and internships that included Black students.

The latest funding help is certainly needed. For instance, this report revealed the graduation rate for Black students was just over 50%, the smallest among non-Black groups. The analysis surmised there could be several obstacles potentially fueling the minuscule number, including financial constraints and campus discrimination.

Another analysis showed that Black college students are less likely to gain degrees than their non-diverse peers due to racial discrimination, costly education, and outside factors like caregiving and working full-time duties. The report added that supplying on-campus childcare and boosting scholarships could be ways to help Blacks complete their degrees.

The Washington, DC-based CBCF calls itself a non-partisan, nonprofit organization that advances the global black community by developing leaders, informing policy, and educating the public. In 2022, 380 scholarships were awarded by the CBCF for over $3.3 million, per its annual report for that year.

The Tracking Foundation is known for its commitment to fostering educational opportunities and promoting equality, according to a news release. It has united with the CBCF since 2021.

CBCF Board Chair, Terri A. Sewell, stated in her comments, “This generous contribution from Stephen Feinberg through The Tracking Foundation will significantly enhance our ability to empower the next generation of Black American leaders through education.”

Nicole Austin-Hillery, the CBCF’s president and CEO, reflected on this as well. “I am thrilled to announce the momentous partnership with The Tracking Foundation, resulting in a transformative $4 million scholarship endowment. This generous contribution underscores our shared commitment to breaking down barriers and empowering Black American students through education.”

Cedric Richmond, former congressman, White House advisor, and chairman of the Congressional Black Caucus, stressed how investing in education makes a difference.

“Education is the key to unlocking doors of opportunity and building a brighter future for our communities. The collaboration between The Tracking Foundation and the CBCF underscores the vital role education plays in creating lasting change.”

Visit here for more details.

Read more