Fidelity Investments will commit $250 million to a new education initiative to support up to 50,000 underserved minority students with scholarships and mentorship programs in the next five years.
program, announced Tuesday, plans to increase graduation rates and students’ ability to complete their education debt free.
Fidelity research found that 21% of Black students and 32% of Latinx students graduate from college in four years, compared to 45% of white students. The company also found that, on average, Black and Latinx students accrue $25,000 more in student debt than their white peers. To address those inequalities, Fidelity is partnering with UNCF, the nation’s largest private provider of scholarships and other educational support to Black students, and other nonprofits.
He said these students, attending “the workhorse institutions of American higher education -- community colleges, historically Black colleges and universities, state universities,” also work hard and can make a major impact on their communities once they graduate. Ve’e, 29, said he moved to the University of Utah to focus fully on his studies, after leaving Southwestern Oklahoma State University, where he was a quarterback on the football team. His mentor has made the transition easier and made him feel better about his decision, as well as offering tips on his resume and finding scholarships.
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