For many students attending Historically Black Colleges and Universities (HBCUs), the journey toward a college degree is filled with ambition, hope, and determination. However, for too many, that path is also riddled with financial obstacles. The rising cost of tuition, coupled with limited access to financial resources, can make earning a degree seem like a daunting, if not impossible goal. The Williams-Franklin Foundation (WFF) is working to change that narrative by providing meaningful financial support and resources that help students not only overcome financial barriers to stay in school but also thrive in school and their future career path.
Financial Challenges Faced by HBCU Students
It’s no secret that many students attending HBCUs come from economically disadvantaged backgrounds. According to the United Negro College Fund (UNCF), more than 70% of HBCU students come from low-income families. Many of these students are first-generation college attendees, shouldering the hopes of their families while also navigating the complex world of higher education. For them, the financial burden of college can feel overwhelming.
The cost of attending an HBCU can range from $7,000 to over $30,000 per year, depending on the institution. However, for many students, it’s not just tuition that poses a challenge. Housing, books, transportation, and everyday living expenses add up quickly, often leading to gaps in their financial aid packages. The result? Students are forced to take out loans, work multiple jobs, or in some cases, delay or abandon their academic dreams altogether.
In fact, data from the National Center for Education Statistics shows that nearly 50% of HBCU students rely on federal loans to finance their education, compared to just 34% of students at predominantly white institutions (PWIs). This reliance on loans means that many students graduate with significant debt, further impacting their financial future. The long-term effects of this debt can hinder career choices and limit opportunities for wealth-building, particularly for Black students who already face systemic economic challenges.
How WFF is Making a Difference
The Williams-Franklin Foundation (WFF) understands the financial challenges faced by HBCU students and is committed to easing those burdens. Through our scholarship program, WFF provides $5,000 scholarships to HBCU students who demonstrate financial need and academic promise. But WFF’s impact goes beyond just a check—it’s about creating opportunities and helping students build a foundation for long-term success.
- Direct Financial Assistance
The cornerstone of WFF’s support is our scholarships. These scholarships provide direct financial relief to students who are struggling to meet the costs of their education. For many students, a $5,000 scholarship can be the difference between staying in school and having to drop out due to financial hardship. By covering costs like tuition, housing, and books, WFF scholarships allow students to focus on what truly matters: their education. - Reducing Student Loan Dependency
One of the primary goals of WFF’s scholarships is to reduce students’ reliance on loans. By providing financial aid that doesn’t have to be repaid, WFF helps students minimize the amount of debt they incur during their college years. This is especially important for Black students, who are more likely to graduate with high levels of debt than their white counterparts. With less debt, students have more freedom to pursue career opportunities and long-term financial stability after graduation. - Access to Professional Development and Networking
WFF’s support doesn’t stop at financial aid. The foundation also offers access to career development resources, internships, and professional mentorship. These opportunities help students build the skills and networks they need to succeed in their chosen fields. By connecting students with professionals and organizations, WFF ensures that its scholars are prepared for the workforce, equipped with both the education and the connections necessary to thrive. - Empowering First-Generation College Students
Many WFF scholars are first-generation college students—trailblazers in their families, navigating the complexities of higher education with limited financial resources and guidance. WFF not only provides financial support but also offers a community of encouragement and mentorship. This network helps students develop the confidence to overcome financial and academic challenges and continue their education with purpose.
Building a Stronger Future
At our core, the mission of WFF is about more than just scholarships—it’s about empowering students to overcome financial barriers and build a brighter future. By investing in HBCU students, WFF is investing in the future leaders, innovators, and change-makers who will shape the world for generations to come.
The financial challenges faced by HBCU students are real, but thanks to organizations like the Williams-Franklin Foundation, those challenges don’t have to define their futures. With the right support, these students can break down barriers, achieve their academic goals, and step confidently into the workforce—ready to make their mark.
