Morehouse College on Thursday announced a $500 million campaign to fund scholarships for low-income students, pay for infrastructure and technology improvements, produce research, and to recruit and retain faculty.
College leaders believe the $500 million goal is the largest attempted by a historically Black college. Clark Atlanta University and Spelman College are each in the midst of $250 million capital campaigns. Morehouse, the nation’s only college with a mission to educate Black men, has already raised $200 million for the effort.
The effort is personal for Morehouse’s president, David A. Thomas. He wanted to attend Morehouse College, but couldn’t afford to do so. Instead, he attended Yale University, which offered him a full scholarship. Thomas got emotional as he spoke of the goal to provide need-blind aid, financial support for students without borrowing student loans. Emory University announced a similar effort earlier this month.
“Morehouse College will never have another David Thomas,” he said.
About 60% of Morehouse’s 2,300 students have annual family household incomes of less than $40,000. Nearly 65% of its students receive federal student loans, more than twice the national rate. Nearly 30% of Morehouse students who took out loans are not making progress on repaying the loans, and another 8% have defaulted on their loans, federal Education Department statistics show.
Morehouse’s tuition, room and board is about $43,500.
Morehouse leaders said they also want to modernize the campus. The college’s plans include renovating some residential halls, academic buildings and its stadium, building a Center for Black Entrepreneurship and funding other technological enhancements.
Some Morehouse students joined in protest with students from other HBCUs last year to highlight substandard housing conditions on their campuses. Morehouse administrators met with the organizers to discuss the concerns.
Thomas said the college also wants to use some of the money to hire faculty. He noted about 30% of professors will be eligible for retirement within the next five years.
The college plans to raise the money by asking alumni to increase their giving and seeking funds from other sources. HBCUs have historically received less money from large donors and philanthropic foundations.
“The work will not be easy, but we believe,” Thomas said.
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