On June 27th, 2022, an application was made with the Internal Revenue Service to file Break The Cycle Fund, Inc. as a 501(c)3 philanthropic non-profit corporation to eliminate all medical school debt at the four remaining Historically Black Medical Schools. The Fund intends to approach and work with Meharry Medical College, Howard University College of Medicine, Morehouse School of Medicine, and Charles R. Drew University of Medicine and Science.

Booker T. Washington (1856-1915) was from the last generation of black American leaders born into slavery who transformed the field of education, the economy, and the culture of the South at the turn of the 20th century. Starting with nothing, he built Tuskegee Institute (now Tuskegee University) into an institution that turned ex-slaves into successful entrepreneurs, landowners, educators, and doctors. Mr. Washington found a way in his generation to close the wealth gap for thousands of African Americans. The Fund aims to build on the foundation of his accomplishments by providing tuition-free education to medical students enrolled at Historically Black Medical Schools.