Scholarships and Financial Aid Opportunities for Black College Students

College costs can be a significant barrier to higher education. According to CollegeBoard, the average annual cost of higher education for the 2023 to 2024 academic year is $28,840 for in-state students at public colleges, $46,730 for out-of-state students and $60,420 for private colleges. These high costs are particularly challenging for Black students, who are underrepresented at many colleges and have the highest average student loan debt of $53,430.

Various organizations, colleges, associations and nonprofits offer scholarships and grants to help Black students pay for college. These aids can help close the educational gap by covering tuition or providing stipends for expenses. Some programs also include internships and job pathways after graduation.

Various scholarships are tailored specifically for Black undergraduate students. These scholarships span merit-based, need-based and field-of-study eligibility. When applying, always thoroughly review the eligibility criteria and application procedures. Late or incomplete submissions can result in disqualification, regardless of your qualifications.

Colleges specifically for Black students were founded in the 19th century to offer Black students access to higher education in an era that largely blocked them from enrolling at existing schools.

The Higher Education Act of 1965 defined a historically Black college or university (HBCU) as any historically Black college or university that was established prior to 1964 and whose main mission is the education of Black Americans. Now, more than 100 HBCUs in the U.S. are building on their mission, evolving to offer programs uniquely suited to the challenges and hopes of today's Black students.

Why Attend an HBCU?

College students of any race choose schools that offer what they want to study. Cost is a close second on the scale of decision factors. With those priorities in mind, there are compelling reasons to consider attending an HBCU. These schools offer a unique setting and cultural context for academic topics, social life and community service.

Professors and advisors at HBCUs often have had life experiences that make them empathetic to Black students. HBCUs usually offer a richer array of Black-oriented social groups, venues, events, programs, and community service and internship opportunities. And because of their unique status in American culture, HBCUs actually can be a better financial bet because they can tap resources earmarked for Black students and programs.

Alumni of HBCUs gain additional benefits as they enter the work world with rich and wide graduate networks. Every school has its alumni association, but HBCUs often offer multiple groups to keep graduates connected for a lifetime.

Scholarships are available specifically for students attending HBCUs. The following resources can be a starting point — some organizations offer various types of scholarships. Check on them regularly to find the right scholarship opportunity because eligibility for these scholarships can vary.

If you're looking for additional ways to raise funds, it may be time to review your budget and spending habits. You can take cost-saving measures to save hundreds of dollars a year, including reducing your monthly auto, home and credit card payments.

Hearing from people who have successfully navigated the scholarship application process can provide valuable insights and inspiration. We talked with two inspiring scholarship recipients who shared their tips and experiences on standing out and securing funding for their education.

"Being socially minded and committed is a great way to stand out and get noticed."

Watson brought more to Morris Brown than just great grades and top scores. She coupled those crucial accomplishments with participation in volunteer activities and community outreach, two things donors look for in their scholarship and grant recipients.

Watson suggests that students try to apply for at least one weekly scholarship. Craft a compelling essay by being honest about your journey, seeking to let the awards committee understand how you are growing as a person. "Convey the truth, honesty and purity. Also, this is not the time to be shy. If you have accomplished something great, talk about it. If you have experienced a series of hardships, talk about it. If you have a disability, describe it and your challenges with it," she says.

"If you are honest with yourself and your aspirations, when you talk and meet with other people, they will be more than willing to make an introduction to help you achieve your goals."

Martín, who is taking the front-end engineering course at the Atlanta campus of The Iron Yard, says that his unique background set him apart from his peers when applying for the scholarship. He started graduate work at The Wharton School, a top business management school, but then pivoted to a position with Teach For America. Meanwhile, Martin founded honorCode, a start-up focused on increasing access to coding knowledge in primary and secondary schools in the city.

"Hopefully, they knew that their funds would be going to an amazing cause and also have a higher return on investment in the future," says Martín of the support offered by The Iron Yard. "The partial scholarship that I received from them relieved some of the financial burden of being in the program."

When applying for the scholarship, Martín didn't have one essay to tackle; he had three. He approached the essays to convey why he was a great choice. "I honestly believe that my purpose in this world is to help open doors for those without access to open them alone. Knowing that this is my purpose, I conveyed this in my essays. I am very thankful that they believed me," he says.

What advice does Martín have for other students trying to win scholarship money? He says to be genuine, take care of the community and be your best advocate. "It is my honest belief that people want to help other people. Only you know where you are trying to go. If you are honest with yourself and your aspirations, when you talk and meet with other people, they will be more than willing to make an introduction to help you achieve your goals," says Martín.

To help college-bound Black students navigate the scholarship process, we spoke with Deshundra Walker, who provided valuable insights and practical advice on maximizing scholarship opportunities, standing out in applications, crafting compelling essays and creating a winning strategy.

Numerous other resources exist to assist Black students in financing their education and navigating college, in addition to scholarships.

• Black Student Fund (BSF): Provides financial assistance and support services to African American students in Washington, D.C., helping them attend independent schools and succeed academically.
• Federal Work-Study: This program provides part-time jobs for undergraduate and graduate students with financial needs, allowing them to earn money to help pay education expenses.
• Jack and Jill of America Foundation: Supports African American children through educational, cultural, civic and social programs designed to stimulate their growth and development.
• National Association for the Advancement of Colored People (NAACP): Offers scholarships, educational programs and advocacy to promote equal rights and eliminate racial prejudice in the United States.
• National Black Graduate Student Association (NBGSA): Dedicated to enhancing the status of African American graduate students by providing support and resources to promote academic excellence, professional development and social networking.
• National Black MBA Association (NBMBAA): Focuses on increasing educational and economic opportunities for African Americans by providing scholarships, career development and networking opportunities for MBA students and professionals.
• National Urban League (NUL): Provides economic empowerment, educational opportunities and support to African Americans through various programs and initiatives to close the equality gap.
• Scholly: An app and website that helps students find and apply for scholarships, providing a streamlined search process to connect students with funding opportunities.
• Thurgood Marshall College Fund: Offers scholarships, leadership development and other exclusive opportunities for HBCU students.
• UNCF (United Negro College Fund): Provides scholarships and financial support to African American students attending HBCUs and other institutions. UNCF also supports faculty development and capacity building at HBCUs.
• United States Department of Education: Provides a wide range of resources, including information on federal financial aid, grants and loans, as well as educational programs and initiatives to improve access to education for all students.