Foster was born on March 21, 1913, in
Lawrenceville, Virginia. His father worked for
Saint Paul's College, a historically black college. He grew up between Lawrenceville and
Petersburg. Foster graduated from
Virginia State University, where he earned a bachelor's degree in 1932, followed by a second bachelor's degree from
Hampton University in 1934. He earned an MBA from the
Harvard Business School in 1936, followed by a master's degree and a PhD from the
University of Chicago in 1941 and 1951 respectively. ==Career==