Citi Foundation Announces Critical Initiative to Address America’s
College Access Crisis
Building Bridges to Colleges and Careers Initiative Takes Aim at
Barriers to Postsecondary Education Access and Success for Low-Income
and First Generation Students
Citi Foundation-Supported Programs Aim to Significantly Increase Rates
of Students Who Succeed in Postsecondary Education
NEW YORK (Business Wire EON/PRWEB ) November 17, 2008 --
As families struggle in this uncertain economic environment to help
their children realize their college dreams, low-income and first
generation students and their parents may be in need of particular
guidance and support. Today, at the Public Education Network’s
(PEN) annual conference, the Citi
Foundation announced six education grants as part of Building
Bridges to College and Careers, a new initiative that is focused on
addressing America’s college access crisis for
low-income and first generation students. Through the initiative, the
Foundation will support efforts of education and asset-building
organizations that directly help high school students and their families
with enrolling and succeeding in postsecondary education.
“As families with high school students cope
with the college application process, low-income and first generation
students and their parents may be especially discouraged or worried,”
said Lewis
B. Kaden, Citi vice chairman and chairman of the Citi Foundation. “Given
that a postsecondary degree is the key to breaking the cycle of poverty,
it is imperative that low-income and first generation students are
equipped with the necessary information, academic preparation and
support to overcome hurdles so they can succeed in college.”
“Research shows that 80 percent of today’s
fastest growing jobs require postsecondary credentials and college
graduates on average earn $1 million more over their lifetime than high
school graduates,” said Pamela
P. Flaherty, president and chief executive officer of the Citi
Foundation. “Yet each year, 200,000
low-income students graduate from high school who are capable of success
in college, but do not enroll. Building Bridges to College and Careers
reflects Citi’s commitment to invest in and
support programs that help more students move up the economic ladder and
achieve professional success in the 21st century economy.”
Through Building Bridges to College and Careers, the Citi Foundation
will fund programs that will break down college access barriers for
low-income and first generation students and bridge the information,
academic and financial gaps by:
- Building awareness of postsecondary education and career options;
- Increasing academic readiness for college level work;
- Assisting students through the college search, application and
financial aid process; and
- Providing financial education to families about saving for college and
options for financing a college education.
Additionally, the Citi Foundation will disseminate information on
program successes to educators, public officials, policymakers and other
key stakeholders to encourage the expansion of best practices and
sustainable solutions across the nation.
The initial six grants under the Building Bridges to College and Career
initiative total more than $10 million. Grant recipients represent some
of the most respected organizations in education reform and are at the
forefront of the college access issue. More details on certain grants
will be available in 2009 as Citi and its partners work to roll out
programs.
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The Academy for Educational
Development (AED) and Public Education Network (PEN),
Citi Postsecondary Success Program, $5,150,000
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This grant will fund a five year program that will leverage PEN's
Local Education Funds to build sustainable, community-wide
partnerships to address barriers to college access and earning a
degree.
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OMG Center for Collaborative
Learning, Citi Postsecondary Success Program
Evaluation, $1,527,800
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This companion grant to the AED/PEN grant will support ongoing
evaluation of the Citi Postsecondary Success Program's
effectiveness. This evaluation will be disseminated widely to
education stakeholders to foster a better understanding of best
practices in the college access arena.
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College Summit,
Financial Education Curriculum and Program Expansion, $1,000,000
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This grant will support the development of a financial literacy
curriculum that will provide students with guidance on how to pay
for college for College Summit's yearlong course for high school
seniors on postsecondary planning. It will also fund the expansion
of the College Summit program in five markets.
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National Academy Foundation (NAF),
College and Career Preparation Initiatives, $1,675,000
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This grant will support the expansion of NAF's network of college
preparatory, career-themed academies in high schools in urban
centers and the development of Academy of Finance courses in
accounting, financial reporting and analysis and partnerships with
universities.
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Center for Economic Progress,
FAFSA Help, $250,000
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This grant will help families navigate one of the most crucial steps
for low-income students on the road to college - understanding the
financial aid application process - by linking the Free Application
for Federal Student Aid (FASA) to the tax preparation process.
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New Visions for Public Schools,
Citi College Bound Program, $400,000
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This grant will provide continued support for the Citi College Bound
Program (CCBP), which builds and sustains high-quality college
preparation programs throughout New York City. In the 2008-2009
school year, CCBP will reach 30,000 students.
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“Improving access and success in
postsecondary education for low-income and first-generation students is
one of the most critical economic and social issues in the U.S. today,”
said Alexandra Weinbaum, vice president, Academy for Educational
Development (AED). “AED is pleased to partner
with the Public Education Network (PEN) and the Citi Foundation to
address these complex issues with local education funds and make the
lessons learned available to others across the country.”
“Public Education Network (PEN) and its
members are pleased to partner with the Academy for Educational
Development (AED) and the Citi Foundation to increase college access and
success among low-income students in urban public schools,”
said Wendy Puriefoy, president, Public Education Network. “The
Foundation’s foresight to invest in the
future of economically vulnerable students is to be applauded,
particularly at a time of such economic distress in our nation.”
“Financial aid awareness and understanding is
essential for students in low-income communities to break through the
barriers that prevent them from accessing higher education,”
said J.B. Schramm, founder and CEO of College Summit. “The
Citi Foundation grant will strengthen our partner schools' ability to
provide the curriculum, peer and educator training, and performance
management systems to not only increase the financial literacy of
students, but to actually drive student behavior so that they apply for
financial aid on time, get the assistance they need, and enroll in
college.”
Citi
Citi, the leading global financial services company, has some 200
million customer accounts and does business in more than 100 countries,
providing consumers, corporations, governments and institutions with a
broad range of financial products and services, including consumer
banking and credit, corporate and investment banking, securities
brokerage, and wealth management. Citi's major brand names include
Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Nikko.
Additional information may be found at www.citigroup.com
or www.citi.com.
Citi Foundation
The Citi Foundation is committed to enhancing economic opportunities for
underserved individuals and families in the communities where we work
throughout the world. Globally, the Citi Foundation is focusing its
giving on Microfinance and Microentrepreneurship, which helps
individuals become economically self-sufficient; Small and Growing
Businesses, leading to economic expansion and job creation; Education,
which prepares young people for personal and professional success;
Financial Education, which helps individuals make informed financial
decisions; and the Environment with a focus on sustainable enterprises
that generate jobs and stimulate economic growth while preserving the
environment. Additional information can be found at http://www.citigroupfoundation.com/.
MULTIMEDIA GALLERY http://www.businesswire.com/cgi-bin/mmg.cgi?eid=5832297
See the original story at: http://eon.businesswire.com/releases/citi_foundation/building_bridges/prweb1627684.htm
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