The rapper’s Shawn Carter Scholarship Fund gave out an impressive $407,250 in grants last year to 255 students with awards ranging from $1,000 to $2,500 each… but that’s “barely enough to cover books,” the publication wrote.
The money is reportedly paid directly to the colleges, with Virginia State University receiving the biggest chunk — $32,000, for an undisclosed number of students.
Some might say the grants aren’t truly benefiting the few students who receive them. But Dania Diaz, executive director of the organization, says otherwise.
“The foundation’s goal is to reach as many students as possible. It’s really about breadth in reaching a lot of students,” she said, noting that students can get grants for six years if they reapply.
In addition to the scholarships, the organization spends thousands for a bus tour of traditionally black colleges. Last year’s trip cost $44,581. Its annual toy giveaway at the Marcy Houses in Brooklyn cost $8,45.
The charity, which is overseen by Jay-Z’s mother Gloria Carter, charges $200 a head to participate in the program. Only 32 students signed up last year.