UNCF Receives $190 Million for Scholarships for Students From Underrepresented Groups

The United Negro College Fund (UNCF), which supports 37 private historically Black colleges and universities, has received its largest philanthropic corporate gift in its 78-year history from Boston-based financial services leader Fidelity Investments. Fidelity is donating $190 million to UNCF over the next five years to create the Fidelity Scholars Program that will provide access to education and facilitate economic mobility for up to 50,000 underrepresented African American/Black, Latinx American, Native American, and Asian/Pacific Islander American students.

“The design of this program is specifically geared to the mighty-middle, students with 2.5 to 3.5 grade point averages, who are often overlooked for scholarship opportunities and need significant financial support,” noted Larry Griffith, UNCF’s senior vice president for programs and services. Student participants must pursue a bachelor’s or an associate degree at an accredited not-for-profit, four-year or two-year – college or university, (including minority-serving institutions (MSIs)and historically black colleges and universities (HBCU)s, or a not-for-profit certificate program within the state of their residence.

In the fall of 2023, the Fidelity Scholars Program will launch for students in Massachusetts, Texas, and North Carolina. It will ultimately include more than 2,500 talented students in areas where Fidelity has a significant presence, including New Jersey, New Mexico, Florida, Kentucky, New Hampshire, Rhode Island, Colorado, and Utah.

“This is an incredibly generous gift from Fidelity Investments,” said Michael L. Lomax, president and CEO of UNCF. “We are delighted to partner with a premier global financial services company to do this work. The Fidelity Scholars Program is exemplary, innovative, and demonstrates the company’s commitment to provide equal educational opportunities for low-income and underrepresented students who do not have the advantages of other students.”

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