From: Carolyn Hart Sent: Friday, October 23, 2020 1:50 PM To: All-Staff <all-staff@auctr.edu> Subject: Morehouse, Spelman Colleges to get $8 million as part of Morgan Stanley scholarship program - Atlanta Business Chronicle By Crystal Edmonson<https://www.bizjournals.com/atlanta/bio/12701/Crystal+Edmonson>, Atlanta Business Chronicle - Broadcast Editor Oct 21, 2020, 1:33pm EDT Updated Oct 21, 2020, 2:19pm EDT Morehouse and Spelman Colleges get $8 million as part of Morgan Stanley scholarship program Student loan debt will be a thing of the past for dozens of students at Morehouse College and Spelman College. They are two of the three historically Black colleges and universities (HBCUs) to get a donation from the global financial services firm, Morgan Stanley. Morehouse will get $4 million and so will Spelman as part of the company's $12 million gift that will establish the new Morgan Stanley HBCU Scholars program. "We believe investing in the education of Black talent is one of the best ways to invest in the next generation of leaders," said Susan Reid, Morgan Stanley's global head of diversity and inclusion. The funds will "make college a reality for families who could not otherwise afford a higher education," said David A. Thomas, president of Morehouse." The gift will not only improve the lives of scholarship recipients, it will also lead to positive changes for communities of color," Thomas said. This is the latest investment<https://www.bizjournals.com/atlanta/news/2020/10/02/impact-of-business-investment-in-atlantas-hbcus.html> that Morehouse, a private, all-male college in Atlanta, has received this year. Since the start of the pandemic, Apple, IBM and Netflix have announced significant gifts to the institution. According to Morehouse, there are about 2,100 students enrolled, 60% of whom come from families with household incomes of $40,000 or less. The Morgan Stanley scholarships will cover tuition and living expenses that, according to the Morehouse College website, are $49,700 annually. "The most significant challenge many of our brilliant Spelman students face is the financial barrier to college completion," said Spelman's President Mary Schmidt Campbell. Spelman will invite students to apply for the program beginning next fall. Meanwhile, Morehouse will announce the first five Morgan Stanley HBCU Scholars during the spring 2021 semester. Five recipients will be named each year through 2025. The Morgan Stanley HBCU Scholars will also have access to online career preparedness classes and training programs with the firm. Morgan Stanley also awarded an unspecified amount of funds to Howard University. ### Carolyn Hart, Executive M.B.A., M.S.L.S. chart@auctr.edu<mailto:9chart@auctr.edu> Assistant Director - Planning, Assessment & Communications Atlanta University Center Robert W. Woodruff Library 111 James P. Brawley Drive, SW - Atlanta, Georgia 30314 Office: (404) 978-2005 Fax: (404) 577-5158 Our Vision: "To reflect the excellence of our member institutions by being the First and Best Choice for our users..."