Penner family presents $20M gift to Howard University’s GRACE Grant fund
Dear Howard University Community,
I am pleased to share that Carrie Walton Penner and Greg Penner have presented a $20 million gift to Howard University in support of the Graduation Retention Access to Continued Excellence (GRACE) Grant Endowed Fund, the University’s signature graduation retention program. The Penners, founders of the Penner Family Foundation, are longtime advocates of initiatives that provide access to high-quality educational opportunities.
The GRACE Grant program provides a 100% match to first-time undergraduate students who receive the maximum Pell Grant from the federal government, with additional funds available to students who have an expected family contribution (EFC) of $0. Since its inception, the GRACE Grant’s impact has been resounding: the average four-year graduation rate for EFC $0 GRACE recipients is 42 percent higher than those in the same category who did not receive GRACE funds.
I would like to acknowledge the leadership of my predecessor, President Emeritus Dr. Wayne A. I. Frederick, whose work over the years has laid a solid foundation for the University. In 2014, Howard and Dr. Frederick established the GRACE Grant to assist in removing financial barriers for students and encourage on-time graduation for those who successfully completed their freshman year. His advocacy for establishing the GRACE Grant program is an indication of his extraordinary compassion for and dedication to Howard University’s students.
On behalf of the entire Howard community, I am extremely grateful to Carrie Walton Penner and Greg Penner for their support of our University’s students through the GRACE Grant, which benefits our undergraduate students who face financial barriers to completing their studies on time. Thanks to their generous contribution, we can expand our ability to offer this important resource and ensure that the students most in need can fulfill their dreams of completing an education at Howard University.
Committed to Truth and Service,
Ben Vinson III, Ph.D.
President