Knox College and Monmouth College Among Institutions to Receive $400 Million in Capital Grants from the IBHE


The Illinois Board of Higher Education (IBHE) has awarded $400 million in grants through the Independent Colleges Capital Investment Grant Program to 45 institutions of higher education in Illinois in partnership with the Illinois Capital Development Board. The goal of the program is to provide financial assistance to private, not-for-profit colleges and universities in Illinois for the construction, repair and renovation of infrastructure on campuses to provide equitable learning experiences to students across the state.

As part of the application process and aligned with the IBHE’s goal to close equity gaps, institutions submitted equity plans to describe their holistic strategies for closing gaps in enrollment, persistence, completion, and student loan repayment for historically underrepresented students – including students from low-income households, students of color, working adults and students from rural areas.

“Adequate campus facilities and infrastructure are important in ensuring our students have equitable learning experiences,” said IBHE Executive Director Ginger Ostro. “Private institutions are a valuable part of Illinois’ higher education ecosystem, and these funds will help institutions complement the work to close equity gaps outlined in each institution’s equity plan.”

The funds were distributed to institutions using a two-part formula as outlined in the statute. The formula provided each qualifying institution 1) a base grant based on the Fall 2017 student enrollment numbers as reported to IBHE and 2) an FTE grant based on the Fall 2022 student enrollment numbers as reported to IBHE.

Below is a list of institutions awarded and award amounts.

Adler University


Augustana College


Aurora University


Benedictine University


Blackburn College


Bradley University


Columbia College Chicago


Concordia University Chicago


Depaul University


Dominican University


East-West University


Elmhurst University


Eureka College


Greenville University


Illinois College


Illinois College of Optometry


Illinois Institute of Technology


Illinois Wesleyan University


Judson University


Knox College


Lake Forest College


Lewis University


Loyola University of Chicago


McKendree University


Methodist College/Unity Point Health


Millikin University


Monmouth College


Morrison Institute of Technology


National Louis University


National University of Health Sciences


North Central College


North Park University


Northwestern University


Olivet Nazarene University


Principia College


Quincy University


Rockford University


Roosevelt University


Rosalind Franklin University of Medicine & Science


Saint Augustine College


Saint Xavier University


Trinity Christian College


University of St. Francis


VanderCook College of Music


Wheaton College


***Courtesy of the State of Illinois***

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