Forbes has released its first ranking devoted exclusively to historically Black colleges and universities, (HBCU) recognizing 20 HBCUs that the publication says provide strong outcomes for their graduates.
The list is divided evenly between private and public institutions. Howard University earned the No. 1 position among private HBCUs, while North Carolina A&T State University led the public-school ranking.
Spelman College, Morehouse College, Xavier University of Louisiana and Hampton University completed the top five among private institutions. They were followed by Tuskegee University, Fisk University, Talladega College, Clark Atlanta University and Tougaloo College.
Florida A&M University ranked second among public HBCUs, followed by Prairie View A&M University, Morgan State University and the University of the Virgin Islands. Tennessee State University, Bowie State University, Winston-Salem State University, Elizabeth City State University and Delaware State University rounded out the public top 10.
The Forbes ranking focuses largely on student outcomes and return on investment. Its measurements include graduation and retention rates, alumni earnings and student debt. Schools also receive additional consideration for producing positive results among students who receive federal Pell Grants.
Forbes HBCU Ranking Methodology
The methodology gives the list a different emphasis from rankings built primarily around selectivity, reputation or institutional resources. That distinction is particularly relevant for HBCUs, which often educate larger percentages of first-generation and lower-income students while operating with smaller endowments than many predominantly white institutions.
Howard, the private HBCU leader, posted a six-year graduation rate of 69 percent and a 90 percent retention rate. Forbes listed the median pay of Howard graduates at $70,600 during the early stages of their careers and $123,200 by mid-career.
Spelman recorded the highest graduation rate of any school in the ranking at 76 percent. The Atlanta women’s college also had a 91 percent retention rate, the highest among the leading private institutions.
Morehouse stood out in alumni earnings. Forbes reported median mid-career pay of $126,700 for its graduates, the highest figure among the three top-ranked private HBCUs.
Public HBCUs included as well
North Carolina A&T’s position atop the public list adds another distinction to the nation’s largest HBCU. The Greensboro institution, widely recognized for producing Black engineers, had a six-year graduation rate of 55 percent. Its graduates recorded median earnings of $68,700 early in their careers and $116,300 at mid-career.
Prairie View A&M also performed strongly in the earnings category. The Texas institution posted median early-career pay of $72,300 and mid-career pay of $117,900.
Only Howard and Spelman appeared on the broader Forbes list of America’s Top 500 Colleges for 2026. The publication acknowledged that lower graduation and retention rates hurt many HBCUs under traditional ranking systems. Fewer than 40 percent of HBCU freshmen nationally complete a degree within six years, compared with approximately 60 percent of students entering four-year colleges overall.
Those figures exist within a larger financial reality. HBCUs enroll a greater share of students with significant financial needs, while many of the institutions have fewer resources available to provide aid. Forbes noted that 56 percent of HBCU students received Pell Grants during the 2023-24 academic year, compared with 32 percent of all undergraduates.
Despite those challenges, HBCUs continue to play an outsized role in developing Black professionals in engineering, medicine, law, education, business and public service. The Forbes list offers another look at which institutions are turning that historic mission into measurable success for today’s graduates.