Investment management firm Fidelity announced today the launch of a new social impact initiative, Invest in My Education (ME), aimed at providing access to education and support for Black, Latinx, and historically underserved students.
Launched with a $250 million commitment from Fidelity, the new program aims to reach up to 50,000 students over its first five years.
Pamela Everhart, Head of Regional Public Affairs and Community Relations, Fidelity Investments, said:
“Invest in My Education upholds Fidelity’s most fundamental value — to empower individuals to strengthen and secure their financial futures.”
According to Fidelity, the new program will focus on post-secondary education and training, and will combine student scholarships with ongoing support, including resources to complete degree programs and pathways to post-graduation employment. Fidelity said that it will measure the success of the program based on students’ college completion rates, capacity to graduate without student debt, and ability to secure good-paying jobs.
Key components of the program include the Fidelity Scholars Program, with individual scholarships designed to help students overcome barriers to success and graduate debt-free from college or certificate programs; Retention and completion grants, designed to help institutions assist students who are close to completion and in danger of dropping out due to unpaid tuition and academic fee balances, and; Ecosystem-building grants, directed toward leading nonprofit organizations focused on improving graduation rates for Black, Latinx, and other underserved high school and college students.
The program will initially launch in three regions, including Boston, Raleigh/Durham and Dallas/Fort Worth, with the first cohort of students to be identified this summer.
Fidelity stated that engaged with several strategic partners, including UNCF, to inform the initiative’s work, and to connect resources with the students and communities most in need.
Dr. Michael Lomax, President and CEO at UNCF, said:
“UNCF’s North Star is to increase the total annual number of underrepresented graduates by focusing on activities that ensure more students are college-ready, enroll in college and persist to graduation. The combination of our community knowledge and Fidelity’s expertise in financial wellness will make a significant impact on the lives of these students.”