blog posts
A Helpful Guide to Paying Off College Debt
It's well known that the cost of college has increased dramatically over the past two decades.
In fact, the average cost of attending an in-state four-year public university is around $25,615, meaning that a student is likely to spend more than $100,000 by the time they graduate.
While all students have felt the effects of these tuition increases, they’ve hit Black college students particularly hard, as Black students tend to demonstrate greater financial need.
Luckily, plenty of organizations have created scholarships and free resources to address the unique needs that Black students face when applying to college. In this article, we’re rounding up a list of the best scholarships, grants, and free resources for Black students. We’ll also give you a few tips to help you take advantage of them.
With the rising cost of college, the availability of academic scholarships, grants, and other resources is a critical stepping stone in helping many people earn a higher education. But data suggests that these resources are even more critical for Black and Hispanic students.
Insert Image 1
First, higher education has historically been out of reach for many Black students. 2021 data from the Pew Research Center shows that Black and Hispanic college students make up a larger share of first-generation than second-generation graduates compared to other students.
And, individuals whose parents attended college are more likely to earn a bachelor’s degree than someone whose parents didn’t.
The same study found that more non-first-generation students go on to earn higher incomes and complete an advanced degree than first-generation students.
These trends manifest in the demographics of today’s college students. In 2018, 37% of Black 18 to 24-year-olds attended college, compared to 41% across all races.
One of the reasons that a college education may be more out of reach for many Black students is that the median household income of Black families is lower than that of all other races. This makes Black families less financially prepared to send their kids to college.
As a result, it’s unsurprising that Black students have demonstrated greater financial need and are more likely than any other race to turn to grants and loans to afford college.
Because of these racial disparities in household income and the accessibility of higher education, it’s critical that Black students have access to targeted resources. Luckily, there are a variety of scholarships and other resources available to help Black students make college more affordable and accessible.
A scholarship is a form of financial aid available through universities, businesses, non-profit organizations, and more. Scholarships are essentially free money, meaning students can use them to pay for school, and they almost never have to repay the funds.
There are many scholarships specifically designed to help reduce the cost burden of college for Black students. Whether you’re a high school senior, an undergraduate, or a graduate student, there’s a scholarship on this list that can help you.
Insert Image 2
The United Negro College Fund (UNCF) offers a variety of scholarships to help make college more affordable for Black students.
While there are many scholarships individually listed on the organization’s website, they also have a general college scholarship application to give students the opportunity to receive its many ongoing scholarship opportunities.
To honor and commemorate the bicentennial of the birth of Frederick Douglass, the Frederick Douglass Bicentennial Scholarship was established to support students attending historically Black colleges or universities (HBCU).
The scholarship is awarded to two students each year in the amount of $10,000. This scholarship is available to students with demonstrated financial needs.
The Jackie Robinson Foundation provides a scholarship of up to $30,000 over four years to students who embrace the core values that reflect the life and legacy of Jackie Robinson.
Those values include discipline, integrity, humility, compassion, and courage. This scholarship is available to students with demonstrated financial needs.
The National Association for the Advancement of Colored People (NAACP) offers both need-based and merit-based scholarships to Black students. These scholarships are available to students of color who are NAACP members. Scholarships range in award amounts from $2,000–$15,000.
The Thurgood Marshall College Fund is a non-profit organization dedicated to transforming the lives of students at HBCUs.
The organization provides three different scholarships to provide tuition, fees, and room and board for eligible students, with an average award amount of $3,100 per student per semester.
Apple has partnered with the Thurgood Marshall College Fund to offer the Apple HBCU Scholars Program.
This program provides $15,000 merit-based scholarships and a 12-week internship. Each scholar will also be assigned an Apple mentor. This scholarship isn’t limited to students pursuing a career in technology.
The UPS Scholarship Program offers need-based awards of $5,000 to 18 Black and African American students attending HBCUs. This scholarship is in partnership with the United Negro College Fund.
The Blacks at Microsoft Scholarship is offered as a part of Microsoft’s diversity and inclusion efforts. The company offers 27 awards that total $175,000. Four students will receive $20,000 over a period of four years. Eight students will receive $10,000 over a period of two years.
Finally, 15 students will receive a $1,000 one-time scholarship. This scholarship is available to Black students pursuing a career in technology.
Brown and Caldwell is an environmental firm founded in 1947. The company offers the Brown and Caldwell Minority Scholarship, which offers $5,000 awards to minority students interested in pursuing a career in the environmental profession.
The American Chemistry Society offers more than $1,000,000 to more than 300 students each year. This $5,000 scholarship is available to students from historically underrepresented groups in the chemical sciences.
The National Association of Black Accountants has provided more than $11.2 million in scholarship funds since its inception. The organization awards scholarships each year ranging from $1,500–$5,000 for Black students entering accounting, finance, and business professions.
The Gates Millennium Scholars Program was founded in 1999 through a grant from the Bill & Melinda Gates Foundation.
The program provides scholarships to outstanding students of color. More than $1.2 billion have been awarded over the past two decades, and more than 1,000 new scholars are selected each year, with an average award of more than $12,000.
Like a scholarship, a grant is a form of financial aid that students don’t have to repay. There are three primary sources Black students can look to for grants.
Insert Image 3
The Federal Pell Grant is awarded by the federal government to undergrads who display exceptional financial need. Students can be awarded up to $6,495 per school year to help reduce the cost burden of college.
To be awarded a Pell Grant, students must complete the Free Application for Federal Student Aid (FAFSA), which is the application that makes students eligible for federal financial aid. In the FAFSA, students share information about their family’s finances to determine their financial needs.
In addition to the federal government, nearly every state government has at least one grant program available to its students to reduce the cost burden of college. The National Association of Student Financial Aid Administrations maintains a list of state financial aid programs so students can easily find theirs.
The eligibility requirements for these grants may be different from state to state, but, in general, you’ll have to be a resident of the state in question and meet other certain requirements. Like the Pell Grant, eligibility for state grants is often determined by completing the FAFSA.
Finally, like scholarships, grants may be available from a variety of private organizations, including businesses, non-profit organizations, community organizations, and more. These grants are often available to students pursuing a certain field of study or located in a certain geographic area.
The large number of scholarships and grants available can help reduce the financial burden of college for Black families.
However, the task of finding and applying for scholarships can feel overwhelming to even the most prepared student. Below, we’ll address some of the common pain points that students run into during the scholarship and grant application process.
There are many scholarships and grants available, but to take advantage of them, you first have to know where to look.
First, there are several major databases online that compile scholarships. The U.S. Department of Labor has a free scholarship search tool. Additionally, resources like Fastweb and Scholarships.com compile lists of thousands of scholarships with a wide range of eligibility criteria.
Next, consider contacting your college’s financial aid office or your high school counselor. These offices often either maintain a list of scholarships or even offer scholarships of their own.
Finally, look for private organizations that may offer scholarships and grants. Plenty of companies offer scholarships for their employees’ children. Additionally, many non-profit and community organizations offer scholarships either to local students or those related to a particular field of study.
Most grants and scholarships fall into one of two categories: need-based or merit-based.
For a need-based scholarship, the primary eligibility criteria is demonstrated financial needs. The Federal Pell Grant is a need-based grant, as are many others.
On the other hand, many scholarships are merit-based, meaning organizations have certain performance requirements applicants must meet to qualify. For these scholarships, organizations may be looking for students with outstanding athletic or academic achievement, community service hours, leadership experience, and more.
It’s also common for scholarships to target a certain academic interest. For example, a scholarship may be available only to students who plan to pursue a nursing degree or a career in education.
Many scholarships also require students to provide school transcripts, essay responses, or letters of recommendation from teachers and other individuals who can speak to their qualifications.
Getting ready to apply for scholarships? Here’s a checklist you can use to help you start:
Insert Image 4
It can easily feel overwhelming to apply to many scholarships in a short amount of time. Not only is there a lot of information to keep track of, but you may be doing it at an already stressful time as you’re nearing the end of your high school education and preparing to head off to college.
Here are a few tips to help you stay organized:
In addition to the grants and scholarships available to Black students, there are plenty of other free resources to help them through their college years.
While these resources may not always come in the form of financial help — though they sometimes do — they can provide networking opportunities, career opportunities, and other forms of assistance.
It’s important to note that the resources below are just a small sample of those that are available to Black students. In today’s digital age, there’s an endless number of resources available to students of all races and backgrounds.
Insert image 5
Historically Black colleges and universities (HBCU) are those whose principal mission is the education of Black Americans. Many of these schools were founded during a time when Black students were often denied higher education elsewhere. They continue to play an important role in higher education and provide resources specifically targeted toward Black students.
The Department of Education maintains a list of HBCUs on its website to make it easy for Black students to find them.
Students at HBCUs can also join the National Association of HBCU Students and Alumni, which connects HBCU members worldwide for opportunities such as networking, development, jobs, mentoring, and scholarships.
The United Negro College Fund (UNCF) is a non-profit organization that aims to create equal access to a college education for students of color, allowing them to pursue fulfilling careers, engaged citizenship, and rich intellectual lives.
In addition to a scholarship fund, UNCF also provides other forms of financial assistance, on-campus resources, professional development, emergency aid, and community support to Black students.
UNCF offers a variety of student programs, many of which are focused on helping students in a particular field, such as STEM, entrepreneurship, economics, and more. The organization also has programs to help Black students prepare for college, apply for scholarships, find internships, and connect with future career opportunities.
The Black Career Network is a job board for Black job applicants. This job board, managed by the Professional Diversity Network, also provides additional resources, such as a calendar of career fairs and other events targeted at Black workers and other people of color.
There are many professional organizations specifically designed for Black students and workers within specific fields. Examples include:
In addition to the free resources specifically targeted at Black students, there are also other financial resources available to reduce the cost burden Black students face when attending college.
We discussed the Federal Pell Grant earlier, but student loans and work-study are also available.
They also come with low interest rates, and interest often doesn’t accrue until a student graduates.
It’s not unusual to experience a bit of shock as you prepare to head off to college because of its price. The cost of college is more expensive than ever, and the burden falls disproportionately on Black students.
And while college may be expensive, it doesn’t have to be unaffordable. Using the scholarships and free resources shared in this article, you can reduce the cost burden of college and reduce the amount of debt you leave school with.
To learn more about saving and paying for college, check out our ultimate guide.
