Institutional Grants for New Infrastructure, Technology, and Education for HBCU and MSI Excellence Act or the IGNITE HBCU and MSI Excellence Act This bill establishes a grant program to support long-term improvements of historically Black colleges and universities (HBCUs), graduate programs at HBCUs, and other minority-serving institutions (MSIs). Specifically, the bill requires the Department of Education (ED) to award grants to HBCUs and MSIs to improve campus facilities. A recipient must use grant funds for certain activities, such as constructing or renovating facilities, carrying out major repairs, and strengthening the safety and security of a campus. Any new construction, modernization, or renovation projects must meet building code and energy and water conservation requirements. Further, HBCUs and MSIs must seek to procure contracts from certain small businesses, including those owned and controlled by veterans and service-disabled veterans. The bill prohibits the use of grant funds for specified activities, including for the payment of routine and predictable maintenance costs, minor repairs, and utility bills. The Government Accountability Office must study the implementation of the grant program. The bill also requires ED to repay the outstanding balance of principal, interest, fees, and costs and any related reimbursements for certain capital financing loans.