April 18th 2024.
The Congressional Black Caucus Foundation has just announced some exciting news for Black students looking to pursue higher education. Thanks to a generous contribution from the Tracking Foundation, the CBCF now has $4 million in scholarships available to help cover college costs for Black American students across the country. This is welcome news, especially as the cost of college continues to rise and many people are discouraged from pursuing a degree.
The scholarships, which will be awarded to academically talented and motivated full-time Black scholars, can be used for undergraduate, graduate, or doctoral degrees in any field of study. The amounts will vary from $10,000 to $20,000 each year, and some students may even receive multi-year scholarships. This is just the latest in a series of donations from the Tracking Foundation, which has been supporting scholarships and internships for Black students since 2021.
This new funding is much needed, as recent reports have shown that the graduation rate for Black students is alarmingly low compared to other groups. There are a number of potential barriers that could be contributing to this, including financial constraints and discrimination on college campuses. In fact, one analysis found that Black college students are less likely to earn a degree than their non-Black peers due to a combination of factors such as racial discrimination, high education costs, and responsibilities outside of school like caregiving and full-time work.
To help address these challenges, the CBCF is committed to providing resources and support for Black students. In addition to offering scholarships, the organization also focuses on developing leaders, shaping policies, and educating the public on issues impacting the Black community. In 2022 alone, the CBCF awarded 380 scholarships totaling over $3.3 million, according to their annual report.
The Tracking Foundation, known for their dedication to promoting educational opportunities and equality, has been working with the CBCF since 2021. Their founder, philanthropist Stephen Feinberg, recently made a $3.75 million grant to support scholarships and internships for Black students, and now this additional contribution of $4 million will go even further in empowering the next generation of Black leaders through education.
Terri A. Sewell, the Chair of the CBCF Board, expressed her gratitude for this partnership, stating, "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, also shared her excitement, saying, "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 and White House advisor, as well as chairman of the Congressional Black Caucus, emphasized the importance of investing in education. "Education is the key to unlocking doors of opportunity and building a brighter future for our communities," he said. "The collaboration between The Tracking Foundation and the CBCF underscores the vital role education plays in creating lasting change."
For more information on the CBCF and their scholarship opportunities, please visit their website. This new funding from the Tracking Foundation is a significant step towards supporting Black students in their pursuit of higher education and creating a more equitable society.
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