The Higher Education Act (HEA) includes two titles, Titles III AND V, that direct the U.S. Department of Education to provide federal funding for postsecondary institutions that apply and receive federal designation as minority-serving institutions (MSIS). Currently, 1 in 5 higher education institutions are designated as MSIs, which collectively enroll more than 25% of all undergraduate students in the entire country and half of all undergraduate students of color in the U.S. Many of these students come from low-income backgrounds and are Pell Grant recipients, and nearly half of all MSI students are the first in their families to attend college. Despite the growing enrollment of students of color at postsecondary institutions, the subsequent rise of higher education institutions meeting enrollment thresholds for MSI designations, the disproportionate impact of the COVID-19 pandemic on students of color and the institutions that serve them, and the outsized contributions of MSIs, which are important drivers of economic mobility, Titles III and V of HEA have not been revised since their inception. This report describes how EdTrust researchers interviewed practitioners and leaders at federally designated MSIs to learn how Congress and the U.S. Department of Education (ED) could update Titles III and V to better serve students of color and students from low-income backgrounds at MSIs. Leaders were asked to think about how they would amend Titles III and V to better fit the needs of 21st-century students and ensure their students' success. They were also asked to consider how COVID relief funds provided to higher education institutions at the start of the pandemic impacted students and institutions and whether that funding legislation might be a model for additional investment in the nation's MSIs. Based on the findings, recommendations are presented on specific ways that Congress and ED can update Titles III and V.