Higher salaries and economic impact appear to be more benefits of attending one of the esteemed Historically Black Colleges and Universities (HBCUs).
A new report shows HBCU alumni are earning higher median salaries than other Black graduates in the same state that attended a Predominately White Institution (PWI).
The data identifies HBCUs with the highest payoff for Black students by comparing the average salaries of Black colleges with their respective states’ salary thresholds. The report notes that some HBCUs have lower tuition costs than other four-year universities which contributes to the higher payday students are seeing after attending Black colleges.
According to the report, New Orleans Xavier University provides Black students with the most bang for their buck. The average salary for Xavier alumni is $52,582, while other Lousiana Black graduates with the same level of education are only raking in $36,962, a difference of over $15,000.
Spelman College is also among the list of HBCUs with the most payoff for Black alumni. Spelman graduates are earning $9,000 more than other Black graduates in Georgia.
Other HBCUs where alumni are cashing in for their education at higher rates include Hampton University, Morehouse College, Florida Agricultural and Mechanical University, Tennessee State University, Fisk University, Tuskegee University, Alcom State University, and Dillard University.
HBCU alumni are making more money than their Black peers in numerous states and generating higher economic impact. According to CultureBanx, for every dollar spent by HBCUs and their students, $1.44 goes into local and regional economies, and their graduates are making an additional $927,000.
HBCUs continue to be havens for Black students to earn an education and generate wealth.