Fidelity to donate $250 million to black and Hispanic ‘hard-working B students’

Fidelity is committed to supporting the economic mobility of up to 50,000 underserved students, with Dallas-Fort Worth being one of three launch regions.

Boston-based financial services company with $10.6 trillion in assets pledges $250 million to help Black, Hispanic and other historically underserved students in first five years with its new Invest in My Education program.

In addition to D-FW, the program will also launch in Boston and Raleigh-Durham, North Carolina, all of which were chosen based on population of Black and Hispanic communities, existing inequalities and needs, and a presence of Fidelity. . Of its approximately 53,000 American workers, Fidelity has about 9,000 in Dallas-Fort Worth and four local offices.

“Dallas-Fort Worth has a large population, a large workforce and a large student base,” said Scott Orr, southern regional public affairs manager at Fidelity.

Fidelity plans to launch three more regions in 2024, three in 2025 and two in 2026.

The funds will provide access to education and support for students, with approximately 80% going to individual scholarships for two-year college programs, four-year colleges or certificate programs. The remaining 20% ​​will be used for grants, including those given to institutions to help students who have unpaid tuition and college fee balances and others given to non-profit organizations aimed at helping students. underserved to graduate.

“We think there’s a lot of value in picking a region like D-FW because there’s a lot of employees there to be mentors and to offer support,” Orr said.

Fidelity to pay 100% of tuition and books for junior employees

The program will start by supporting around 100 students in each of the first three regions. About 2,500 scholars in total will be supported over the next five years. The program will focus on “Solid B students” with dynamism.

Fidelity said it will measure the success of the program by looking at students’ college completion rates, as well as whether they graduate with student debt and land secure, well-paying jobs that “facilitate greater economic mobility and a financially secure future”.

Students’ educational pathways are particularly likely to be disrupted during post-secondary education and training, the company said. About 20% of black students and just over 30% of Hispanic students graduate from college within four years, compared to 45% of white students. According to the society, having a bachelor’s degree results in 63% higher median earnings than those with only a high school diploma.

“It’s been so game-changing for us,” Orr said. “It’s not just about giving money. We focus on those groups of hard-working B students who have good leadership skills to help them succeed and get a good job without debt. It will be life changing.

In October, Fidelity announced that it would pay for an undergraduate degree for its entry-level customer service telephone representatives concentrated in its regional centers to attract talent in an increasingly competitive job market. The benefit applies to many workers at its Westlake campus, its largest office in the United States with more than 7,300 employees.

Banks of all sizes compete for customers and talent in the hot Dallas-Fort Worth financial market

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