Morgan Stanley launches 12mn scholarship initiative for African American college students

By Pavithra R

Morgan Stanley, a leading global financial services firm has announced HBCU Scholars program where talented Spelman College students will receive full scholarships. The Scholar program aims to eliminate financial barriers to higher education for African American college students.

The program is a $12 mn initiative aiming to support a total of 60 full scholarships for students enrolled in Spelman, Howard, and Morehouse College University. The academic & need-based awards will cover the entire cost of tuition and living expenses for selected students across all disciplines and major and saims to set scholars on a path to financial independence.

“The most significant challenge many of our brilliant Spelman students face is the financial barrier to college completion. 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,” said Mary Schmidt Campbell, Ph.D., president of Spelman. 

The first cohort will consist of a total of 15 scholars among the 3 schools, with new groups added each year until the class size reaches 60 students from all 3 institutions by the 4th year. Besides scholarships, Morgan Stanley will provide support for career readiness through its HBCU Career Preparedness Program, which will be offered virtually and post-COVID-19 on-site components.

“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. 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,” said Susan Reid, Morgan Stanley’s global head of diversity and inclusion.

The scholarship initiative is part of Morgan Stanley’s newly established Institute for Inclusion, and support the firm’s mission to create an integrated, holistic and transparent diversity and inclusion strategy both internally and externally.

Morgan Stanley is a global financial services firm providing investment banking, wealth management, securities, and investment management services. The firm recently entered into a definitive agreement to acquire Eaton Vance.