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.
“Helping them on that journey is super important,” said Lomax, adding that the mentorship component of the program, which will include Fidelity employees as well as other volunteers, is just as important as the financial scholarships. “It’s really helped me to gain a lot more confidence,” Ve’e said. “And we have similar backgrounds in sports and college, so it was really easy to connect with him and made me feel a lot more comfortable.”
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