A student group, GU272 Advocacy Team, has been pushing for the reconciliation fund, which would be overseen by a board of students and descendants of the slaves.
The fee would be $27.20 for each student per semester.
A statue of John Carroll, founder of Georgetown University, sits before Healy Hall on the school's campus August 15, 2006 in Washington, DC. University administrator Todd Olson didn't commit to the fund's establishment in a statement on Friday, but said the non-binding vote provided "valuable insight into student perspectives".
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"Our students are contributing to an important national conversation and we share their commitment to addressing Georgetown's history with slavery", Olson added.
The Descendant Community, the Society of Jesus, and Georgetown are working together towards reconciliation and transformation regarding the legacy of slavery. CNN notes that the collected fees would amount to about $400,000 annually and, per the bill, would "be allocated for charitable purposes directly benefiting the descendants. and other persons once enslaved by the Maryland Jesuits".
While the issue of reparations has been contentiously debated among politicians since the American Civil War, the issue gained new momentum in the run up to the 2020 presidential election, with multiple Democratic candidates weighing in on the topic.
Barack Obama, America's first African-American president, and 2016 Democratic nominee Hillary Clinton did not support the idea.
Georgetown University has an undergraduate enrollment of more than 7,000.