MILWUAKEE (CBS 58) -- The National Aeronautics and Space Administration granted Alverno College a substantial award of $746,947 over a three-year span.

The Milwaukee-based college plans to utilize this funding to research and devise strategies that could effectively boost retention rates of women in STEM (Science, Technology, Engineering, and Mathematics) degree programs and fields.

This award, announced on Thursday, June 8, places Alverno in a select group: the college is only one of seven institutions nationwide to receive such funding, and the only in Wisconsin. Further, it is noteworthy to mention that Alverno is the first Hispanic-serving institution in the state.

NASA, as part of its Minority University Research and Education Project, is providing over $5 million in funding across various colleges and universities. The mission is to assist women in overcoming barriers they might encounter in the STEM fields.

Among 34 women's colleges invited to apply, Alverno emerged as the sole recipient from its region and the only minority-serving institution to be awarded. Other beneficiaries of the grant include institutions from Nebraska, North Carolina, Georgia, Pennsylvania and Massachusetts.

Upon completion of the initial three-year project, Alverno could potentially secure an extension for another two years.