Fidelity Pledges $250 Million to Aid Historically Underserved College Students

• Fidelity Investments hopes to support up to 50,000 students over the next five years via the new Invest in My Education program.
• The program also includes grants to nonprofits that assist students.
• The Invest in My Education nonprofit partners will identify the first cohort of students for the scholarship program this summer, and interested students will be able to apply through UNCF.

Fidelity Investments plans to support up to 50,000 historically underserved college students with a $250 million pledge, the firm announced Tuesday.

Fidelity's Invest in My Education program aims to boost college completion through a scholarship program, retention and completion grants for students who are in danger of dropping out due to unpaid tuition or fees, and "ecosystem-building grants" to nonprofits, according to a press release.

"By taking a unique, long-term and holistic approach, Invest in My Education has the potential to support economic mobility for up to 50,000 students over the next five years — and that is really just the beginning," Pamela Everhart, head of regional public affairs and community relations for Fidelity, said in the release.

Everhart said in a video that the Invest in My Education initiative seeks to build generational wealth by boosting degree completion.

"This program will focus on those most in need: Black, Latinx, and historically underserved students," Everhart said. "With the support of our philanthropic partners and community-based nonprofits, Invest in My Education will drive transformational change by combining student scholarships with ongoing support, mentoring, and community grants."

Fidelity's nonprofit partners will include the United Negro College Fund (UNCF) and MENTOR, according to the release. The Invest in My Education nonprofit partners will identify the first cohort of students for the scholarship program this summer, and interested students will be able to apply through UNCF.

"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," UNCF President and CEO Dr. Michael Lomax said in the release. "The combination of our community knowledge and Fidelity's expertise in financial wellness will make a significant impact on the lives of these students."

The Invest in My Education initiative is just the latest for the Boston-based company. Fidelity last November announced that it would pay entry-level employees' tuition, books, fees, and taxes for certain college programs, BestColleges previously reported. That program will focus on entry-level customer service phone representatives at the company's regional centers.

Various companies have sought to increase college access and completion in recent years, particularly among historically underserved students.

BestColleges previously reported that PepsiCo announced a $400,000 grant last year for Boston's Bunker Hill Community College as part of its nationwide Uplift Scholarship program, which aims to help Black and Hispanic students access higher education.

Colleges have likewise stepped up their efforts to make college more accessible.

Dartmouth College in December announced a $100 million program to make science, technology, engineering, and mathematics (STEM) more accessible to underrepresented students, BestColleges previously reported.