Founded in 1881 as the Atlanta Baptist Female Seminary, the organization became Spelman College in 1924 and describes iteslf as "a global leader in the education of women of African descent."

Morgan Stanley is supporting a $12 million scholarship program for students at Spelman College, the renowned institution dedicated to educating women of African descent.

Over the next four years, certain students will receive full scholarships from Morgan Stanley. The Morgan Stanley HBCU Scholars program, as it is called, is “designed to eliminate financial barriers to higher education for African American college students,” a statement from the college said yesterday.

The program will support a total of 60 full scholarships for students enrolled in Spelman, Morehouse College and Howard University. 

The academic and need-based awards will cover costs of tuition and living expenses for selected students across all disciplines and majors, Spelman said. 

"Through academic research, innovations and advocacy, our students are already working on advanced solutions to some of the world's most difficult issues. We greatly appreciate the generous support from Morgan Stanley, which will allow our change agents to graduate debt free and pursue opportunities that will have a significant impact on society,” Mary Schmidt Campbell, PhD, president of Spelman, said. 

The first cohort will consist of a total of 15 scholars among the three schools. A new group will be added each year until the class size includes 60 students from all three institutions by the fourth year.

Morgan Stanley also will provide support for career readiness through its HBCU Career Preparedness Program, which will be offered through virtual and post-COVID-19 on-site components.

Spelman said it will invite students who have demonstrated a history of academic excellence to apply for the program beginning in the fall 2021 semester.