ORLANDO, Fla. — The University of Central Florida reached a milestone that will help its Hispanic students in the future — it’s now designated as a Hispanic-Serving Institution.

Here’s what you need to know:

1. DESIGNATION: For the first time, the U.S. Department of Education designated UCF as a Hispanic Serving Institution — that means it can now compete in federal grants to help its Hispanic students.

2. HISPANIC ENROLLMENT: To qualify, UCF needed a Hispanic enrollment rate of 25 percent. UCF's current rate is 27.5 percent, about 16,000 students.

3. GRANTS: UCF applied for two federal grants, Title V Part A and Title V Part B, totaling $6 million over five years to help its undergrad and graduate students.

4. DISTRIBUTION: The money will go towards its counseling and mentoring programs, faculty development, help its graduate students pay for their education and integrative learning.

5. BENEFITS: Dr. Cyndia Morales Muñiz said the programs help the university retain and graduate its Hispanic students.

6. GRADUATION GAP: The graduation rate gap between UCF’s white and Hispanic students is just one percent point nationally it’s 12. ​