The rapper is launching what he calls Project HEAL -- which is a multi-tier effort that's going to pour a ton of cash toward causes Travis sees as important. As far as the amount here ... we're talking $5 million, and he's dispersing that money on multiple fronts.

For starters, $1 mil is being earmarked for HBCU scholarships -- and it sounds like he'll be using his previously-established Waymon Webster Scholarship Fund to allocate, manage and disperse these awards for underserved but high-achieving Black scholars.

Scott and co. aim to assist at least 100 students with this dough, aiding them in getting over the finish line in their senior year. The academic criteria ... averaging a 3.5 GPA or higher.

There's more ... the rest of the $5 million is being divvied up for a few different enterprises, including establishing/providing free mental health programs for vulnerable kids ... as well as expanding his creative design program -- offered through his Cactus Jack Foundation.

He's also allocating funds to make sure music fans are safe at shows going forward ... something that touches him personally. That money will go to the U.S. Conference of Mayor's Task Force on Event Safety ... with a tech-driven approach toward that end.

Of course, Astroworld comes to mind -- where 10 people died as a result of injuries sustained during Travis' set -- the causes of which are still under investigation. As we've reported, several victims and victims' families have filed lawsuits against Travis, Live Nation and others.