March 9, 2023

HACU Statement on President Biden’s Fiscal Year 2024 Budget Proposal

The Hispanic Association of Colleges and Universities (HACU) has released the following statement on President Biden’s FY 2024 Budget Proposal released on March 9, 2023.

“We applaud the President for his continued commitment to address the needs of the more than 550 Hispanic-Serving Institutions that serve over 5.1 million students across our nation; said HACU President and CEO Antonio R. Flores. “However, funding for HSIs is not commensurate with the growth of our institutions. HACU urges Congress and the Administration to close the federal funding gap for HSIs, highlighting full and equitable funding. While President Biden has underlined the importance of making education an affordable ticket to the middle class, we strongly believe supporting historic investments for HSIs is a central step in that direction.”

The President’s budget requests $90 billion (a 13.6% increase) for the Department of Education. Below is a summary of the Department of Education aid for Hispanic-Serving Institutions:

  • Title V, Part A, Developing HSIs Program: $236.7 million
  • Title V, Part B, Promoting Postbaccalaureate Opportunities for Hispanic Americans: $28.8 million
  • Title III, Part F, Developing HSI STEM and Articulation Programs: $100 million

The President’s budget would also increase the maximum Pell Grant to $8,215 for the 2024-2025 award year, through a combination of discretionary and mandatory funding.

HSIs educate the future of America's labor workforce and serve as critical pillars in our communities working to build a more robust and diverse competitive 21st century workforce. Currently, more than 65 million Hispanics account for 20% of the national population, and by 2050, Hispanics will number 128 million of the 438 million Americans, or nearly 30% of the U.S. population. Additionally, 78% of all the new workers joining the U.S. labor force between 2020 and 2030 will be Hispanic.

“HACU will continue to advocate for equitable funding from both the administration and Congress for our underfunded and underserved institutions that champion academic attainment and success,” added Flores.