This brief from The Hunt Institute examines the historical and contemporary issues regarding the underfunding of Historically Black Colleges and Universities (HBCUs). The brief offers context to how HBCUs were founded, discussing their role in educating Black Americans excluded from segregated white institutions. Further, it emphasizes how HBCUs became primary sites of Black educator preparation to fill the need for teacher training after the “separate but equal” decision in Plessy v. Ferguson (1896). Although HBCUs train teachers of color and often serve many low-income and first-generation students, there is a $12.8 billion multi-decade state funding gap between HBCUs and predominantly white institutions. The brief recommends models and solutions for supporting the infrastructure of HBCUs, such as federal funding support, increased investment in scholarships and research, and improving student financial burdens of attending HBCUs.