Beyoncé and JAY-Z Pledge $2M in Scholarship Funds for Art and Creative Students at 5 HBCUs

BeyGood, the Shawn Carter Foundation, and Tiffany & Co. teamed up as part of Beyoncé and JAY-Z’s “ABOUT LOVE” campaign to award the scholarship funding

Beyoncé and JAY-Z . Photo: Mason Poole

Beyoncé and JAY-Z are giving back to artists and creatives of historically Black colleges and universities (HBCUs).

Tiffany & Co. announced on Thursday that the 40-year-old singer's foundation BeyGOOD and 51-year-old rapper's charity the Shawn Carter Foundation collaborated with the jewelry luxury company and pledged $2 million to five small HBCUs.

The initiation, as part of their "ABOUT LOVE" campaign, will award the funds to Lincoln University in Pennsylvania; Norfolk State University in Virginia; Bennett College in North Carolina; the University of Arkansas at Pine Bluff in Arkansas; and Central State University in Ohio.

Incoming and active students must qualify for financial aid at their HBCU for eligibility — with priority to those most in need. They also must be pursuing degrees in creative fields such as visual arts, media, performance, and design or degrees in history and communications.

Beyonce and Jay-Z. Kevin Mazur/Getty

The awards will vary per student based on the amount of financial assistance they require.

For more on Beyoncé and JAY-Z pledging $2 million in scholarship funds to five HBCUs and other top stories, listen below to our daily podcast PEOPLE Every Day.

Applications will be available on the websites for the five HBCUs beginning on Friday, Sept. 10 and will close on Sunday, Sept. 26 at 11:59 pm EST.

"We would like to thank the Shawn Carter Foundation, BeyGOOD, The Carters and the Tiffany & Co. family for including Lincoln University in this amazing gift," Lincoln University President Dr. Brenda A. Allen said in a statement. "Over the years, we have developed a wonderful partnership being a part of The Shawn Carter Foundation HBCU Bus Tour. Lincoln has placed a high priority on supporting the arts and humanities on our campus. Providing financial support for students pursuing these majors enhances their ability to more fully engage their studies."

Central State University. President Dr. Jack Thomas added, "We are appreciative of the support of BeyGood, the Shawn Carter Foundation, The Carters and Tiffany & Co. This opportunity is timely as our students come from many different socioeconomic backgrounds. These funds will have a tremendous effect on who we recruit and our students' success as they move on to graduate and professional schools and into their careers."

Beyonce and Jay-Z. PictureGroup/Shutterstock

Never miss a story — sign up for PEOPLE's free daily newsletter to stay up-to-date on the best of what PEOPLE has to offer, from juicy celebrity news to compelling human interest stories.

Tiffany & Co. Chief Sustainability Officer Anisa Kamadoli Costa praised Beyoncé and JAY-Z for "Their relentless dedication to lifting underrepresented groups is the inspiration for the About Love Scholarship program."

The luxury jewelry company also announced their expansion of efforts to help fun HBCUs and other underrepresented communities will begin in 2022.