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.”

Related Articles

Leave a Reply

Get the JBHE Weekly Bulletin

Receive our weekly email newsletter delivered to your inbox

Latest News

Porché Spence Recognized for Outstanding Commitment to Advancing Diversity in Ecology

Dr. Spence currently serves as an assistant professor of environmental studies at North Carolina A&T State University. Throughout her career, she has developed several educational programs geared towards introducing students of color to environmental science fields.

Prairie View A&M University Establishes “Agletics” Program for Student-Athlete Nutrition Research

The "Agletics" initiative leverages agriculture and nutrition studies into direct support for the university's student athletes. he research program will provide undergraduate students in nutrition with the opportunity to study the effect of nutrition on enhancing athletic performance.

Five Black Leaders Appointed to Administrative Positions in Higher Education

Here is this week’s roundup of African Americans who have been appointed to new administrative positions at colleges and universities throughout the United States. If you have news for our appointments section, please email the information to contact@jbhe.com.

Protests of a Different Color: HBCUs and the Student Protest Movements Against the War in the Middle East

Student protests concerning the Israel-Hamas war have been commonplace on the campuses of elite predominantly White colleges and universities. While not receiving a lot of publicity, HBCU students have not sat on the sidelines of the protest movement.

Featured Jobs