Contributions will enhance access to higher education for minority students

USA Funds Awards $300,000 to National Scholarship Groups

INDIANAPOLIS—USA Funds^®, the nation's leading education-loan guarantor, has announced the award of $300,000 in contributions to three national scholarship organizations that promote access to higher education for minority students. USA Funds has awarded $100,000 each to the United Negro College Fund, the American Indian College Fund and the Hispanic Scholarship Fund.

In announcing the awards, William R. Neale, chairman of the USA Funds board of trustees noted, "These contributions are consistent with USA Funds' mission of supporting access to education. The awards also address the findings of a federal advisory panel, which reported that members of ethnic minority groups will account for a large part of the future growth in the college-going population and that these students will have significant financial need."

"Access Denied," a report of the Advisory Committee on Student Financial Assistance, warns of a possible crisis in higher-education access during the next 15 years, due in part to a projected influx of academically qualified but financially needy minority students.

In response to the announcement of USA Funds' contribution, William H. Gray III, president and CEO of the United Negro College Fund, said, "I am pleased USA Funds continues to invest in the future of minority students who face challenges gaining access to higher education." Established in 1944, the United Negro College Fund provides financial assistance to deserving students, raises operating funds for member colleges and universities, and increases access to technology for students and faculty at historically black colleges and universities.

Richard Williams, executive director of the American Indian College Fund, said, "We are honored to be part of USA Funds' efforts in helping to ensure that American Indian students have the opportunity to achieve their higher-education goals." With its credo of "Educating the Mind and Spirit," the American Indian College Fund has raised funds for scholarships, endowment and operating needs for 32 tribal colleges since 1989.

Noting that Hispanics represent the fastest-growing segment of the U.S. population but continue to be underrepresented on college campuses, Sara Martinez Tucker, president and CEO of the Hispanic Scholarship Fund, said, "This grant from USA Funds will contribute to helping break the cycle of under-education among Hispanics." The Hispanic Scholarship Fund is the nation's leading Hispanic education organization, providing more college scholarships to the Latino community than any other organization. In support of its mission to double the rate of Hispanics earning college degrees, the organization has awarded more than 45,000 scholarships totaling nearly $60 million to Latinos from all 50 states and Puerto Rico.

USA Funds' contributions to the three scholarship organizations complement its own $3-million national scholarship program, which targets students from families with household incomes of less than $35,000. Up to half of USA Funds' scholarship award will go to students who are members of ethnic minority groups or are physically disabled.