Colleges in general are expensive — and that also goes for your favorite HBCUs (Historically Black Colleges and Universities).
But how much bang are you really getting for your buck at these schools?
A recent report by Forbes compiled a list of the HBCUs that will provide you the most “bang for your buck.” The outlet confirmed, too, that graduating from a historically Black college/university provides more of a positive impact than just a degree from a university where fellow melanated students can achieve their dreams. For example, the average HBCU grad will make nearly $1 million more than a non-HBCU grad — and for every one dollar spent on an HBCU student, $1.44 is put back into the economy.
In total, HBCUs generate more than $14 billion in economic impact. So, when you’re told to vote with your dollars, that’s exactly what they’re talking about.
“Some HBCUs have significantly lower tuition rates than other four-year institutions,” reports CultureBanx, who compiled the report that demonstrates which of the colleges and universities are more beneficial for Black students, economically, especially compared to graduates from PWIs (Predominantly White Institutions).
But Forbes is quick to note that because most HBCUs are located in the American South — thanks to racism, the Transatlantic slave trade, and Jim Crow laws — the median salaries listed are much lower than those in northern states. For example, according to the US Census Bureau, the median household income in the Greater New York City area is more than $67,000. On the other hand, the median household income in Louisiana is about $52,000 — a difference of $15,000/year. These numbers, then, represent the median salary in each state that the HBCUs are located in — not the state of the American economy as a whole.
Regardless, these 10 HBCUs have the “highest payoff for Black students,” per this latest report.
Xavier University of New Orleans
The HBCU that will give you the most bang for your buck is Xavier University of New Orleans. Grads of the distinguished HBCU can command a salary that’s $15,000 more than the state’s median.
Being an HBCU dedicated to women has its advantages, as Spelman grads tend to make nearly $10,000 more per year than the state’s median salary.
Located in the heart of the “V” in the DMV, Hampton U has “a higher completion rate than many other schools at 58% and Business majors also tend to earn higher median salaries compared to graduates from other colleges,” per Forbes. Overall, their grads make more than $4,000 more per year higher than the state’s median salary.
Florida Agricultural and Mechanical University
This HBCU, which is located in the heart of the state’s capital, has been ranked the best HBCU in the country by U.S. News & World Report (per its website). No wonder, then, that its grads make more than $3,600 more than the state’s median annual salary.
Tennessee State University
Located in the heart of Nashville, Tennessee State University boasts such benefits as a 15:1 student-to-teacher ratio, nearly 80 degree programs, and NCAA athletics. And perhaps best of all, Tennessee State grads will make $3,232 more than the state’s median annual salary.
For more than 150 years, Tennessee’s Fisk University has been churning out top-notch graduates. And better still: Fisk grads can expect nearly $3,000 more than the state’s median annual salary.
Alabama’s Tuskegee University boasts more than 60 degree programs and distinguished alumni like Lionel Richie and Lonnie Johnson (the former NASA scientist who invented the Super Soaker). Grads of the HBCU make about $1,400 more than the state’s median salary.
Alcorn State University
Based in rural Mississippi, Alcorn State’s alumni boast expertise in areas like liberal arts, agricultural research, technology, music, and nursing, per its website. Alcorn graduates can expect a salary of about $452 more than the state’s median salary.
Based in Louisiana, Dillard University is an HBCU that is also firmly entrenched in history as the state’s first-ever HBCU. Dillard graduates can expect a salary of about $415 more than the state’s median salary.