Washington, D.C., (May 11, 2022) — Howard University announced today that it received a two-year $1 million grant from the New York Life Foundation. This grant, which focuses on scholarships and other educational funding for students experiencing financial hardship, fits in with the Foundation’s history of promoting education for underserved students.
The grant will create the New York Life Scholars program at Howard University. The goal of this program is to support students in their journey through higher education. The investment will focus on three areas, but the bulk of the funds will be allocated to students who are unable to complete their degrees due to gaps in funding. Awards will be distributed based primarily on financial need.
“This generous gift from the New York Life Foundation will allow us to extend greater opportunities to students facing unexpected obstacles in their career,” said Howard University President Wayne A. I. Frederick. “By helping to eliminate financial barriers, this grant will contribute to our mission of supporting all of our students as they endeavor to graduate on time.”
“This investment in Howard University demonstrates a goal we both share in helping students to overcome challenges that may inhibit them from achieving academic success. Our goal is to support students and help them to graduate by reducing monetary and emotional hurdles,” said Heather Nesle, President of the New York Life Foundation. “This partnership aligns with our goal to support diverse students. We look forward to collaborating with the Howard faculty, students, and alumni for the duration of the grant and beyond.”
The funds created through this gift include:
- Scholarships for students who are enrolled in the School of Business and including, but not limited to, Finance and Actuarial Science majors.
- Gap funding and bereavement support to students who experience emotional and financial hurdles while completing their degrees. Students who have experienced the death of a caregiver (parent, grandparent, etc.) will be eligible to apply for a special emergency support fund, which will also include bereavement support. The fund is designed to relieve financial and emotional barriers ensuring students continue their academic careers at Howard University while grieving.
- Engagement with Howard University Alumni in key markets; New York Life’s Human Resources department, in conjunction with relevant business lines, will develop programming in collaboration with the department of alumni relations around career and retirement planning as well as building generational wealth.
“Howard University is excited to receive this grant from the New York Life Foundation. Our students often face unexpected personal challenges that can become barriers to their academic matriculation. The New York Life Foundation has recognized this need and is providing significant financial support that will help us continue our commitment to developing future leaders through quality education. With this $1 million grant, selected students will feel relief from financial and emotional stressors and can complete their degrees with as little disruption as possible,” said Anthony Wilbon, dean of the Howard University School of Business.
About New York Life Foundation
Inspired by New York Life’s tradition of service and humanity, the New York Life Foundation has, since its founding in 1979, provided nearly $390 million in charitable contributions to national and local nonprofit organizations. The Foundation supports programs that benefit young people, particularly in the areas of educational enhancement, childhood bereavement and social justice. In particular, it recognizes the systemic inequities in the educational system. Since 2014, the New York Life Foundation has dedicated over $63 million in grants and programs to support middle school students. As one of the leading funders of the childhood bereavement field since 2008, the Foundation has invested $68 million to date in support of grieving children and their families. The Foundation also encourages and facilitates the community involvement of employees and agents of New York Life through its Volunteers for Good program and Grief-Sensitive Schools Initiative. For more information about the New York Life Foundation, please visit NewYorkLifeFoundation.com.