The US university's president, John DeGioia, will discuss the steps in a speech later today, and is to offer a formal apology.
The measures planned also include the renaming of school buildings to Honor those enslaved, the creation of a new institute for the study of slavery and the construction of a public memorial honouring slaves whose work benefited the university.
Georgetown, a Jesuit school founded in 1789 in the US capital Washington, is one of the oldest universities in the United States.
The reconciliatory moves are the outcome of a year-long, 16-member working group at Georgetown including students, faculty, staff and alumni.
"The most appropriate ways for us to redress the participation of our predecessors in the institution of slavery is to address the manifestations of the legacy of slavery in our time," DeGioia said in a statement.
Descendants will be given "an advantage in the admissions process," the working group recommended. But the university stopped short of suggesting they be given financial aid.
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