Netflix CEO Reed Hastings and his wife, Patty Quillin, are donating $120 million toward student scholarships at historically black colleges and universities.Morehouse, Spelman, and the United Negro College Fund are set to receive $40 million each, which will be the most significant individual gift in support of student scholarships at HBCUs.’
The Nextflix CEO has a history of supporting educational causes, including charter schools. He launched a $100 million education fund in 2016, beginning with money toward college scholarships for black and Latino students.
Morehouse College plans to use the large donation to establish a fund that will allow at least 200 students to graduate debt-free. According to a press release, The Morehouse College Student Success Program was launched in 2019 by the Morehouse Board of Trustees. According to the U.S. Census, the program addresses the income gap for blacks, who have the lowest median net worth of any racial group.
The debt-erasing Student Success Program scholarship allows Morehouse Men to pursue advanced degrees, start careers, and build wealth without being tethered to undergraduate student loan debt related to their education at Morehouse. Nationwide, students at historically black colleges and universities (HBCUs) are more likely to graduate in debt because the schools disproportionately enroll students from low-income backgrounds who have to rely on federal student loans to pay for tuition.
In a recent video, Morehouse College President, Dr. David A. Thomas spoke more about the historic single largest donation in the College’s 153-year history.
Quillin and Hastings’ gift to HBCUs comes at a time of crisis for blacks in America.