Student Economists Prepare To Impress The Fed
As Many as 250 High School Teams Expected to Compete in the Tenth Anniversary
of The Fed Challenge
NEW YORK, Jan. 26 /PRNewswire-FirstCall/ -- High school students around the
country will earn up to $7,000 in college scholarships in the eleventh year of
The Fed Challenge, a national high school economics competition sponsored by
eight Reserve Banks and Branches in the Federal Reserve System. The Student
Loan Corporation, a Citibank subsidiary that provides a full range of
educational financing products to consumers and private label programs to other
lenders, announced today that it will be once again the sole provider of cash
scholarships, awards and grants for The Fed Challenge. A total of $215,000 will
be awarded.
In The Fed Challenge, student teams work together to analyze factors
influencing the U.S. economy and develop presentations explaining their
monetary policy recommendations before current members of the Federal Open
Market Committee (FOMC). These teams compete first at local and Federal Reserve
District or Branch levels in late winter and early spring. District winners
then advance to The Fed Challenge national semi-final and final rounds of
competition held in Washington, DC in May.
"We're pleased to offer our continued support of The Fed Challenge with these
Citibank scholarships, awards, and grants. This competition is a demonstration
of the highest level of financial education from high school students," said
Michael Reardon, CEO of The Student Loan Corporation. "The students'
understanding of economics helps them manage their personal finances, and, in
many cases, enables them to influence factors that determine their long-term
success, both in business and in life." Cash scholarships, awards and grants totaling $215,000 will be awarded by the
Student Loan Corporation, with $175,000 divided among the Semi-Finalists,
Finalists and the Champion Team. The Champion Team will receive $50,000:
students will earn Citibank scholarships of up to $7,000, their faculty advisor
will receive a Citibank award of up to $5,000, and their school will receive a
$10,000 Citibank grant to establish and/or equip an economics lab. Since the
inception of the competition, Citibank has awarded over $1 million to help
students attend the school of their choice and high schools prepare the leaders
of tomorrow.
This year, for the first time, schools whose teams are first runners-up at the
District level will win Citibank's District Runner-Up Prize. Checks for $2,500
will be paid to each school to further the teaching of economics for all their
students. All recipients will receive awards based solely on their performance
in this competition. In addition, Citibank will also offer a special Novice
Team Award (up to $2,000 in each participating District or Branch) to encourage
schools that have either never advanced beyond the first round of competition,
or have never participated in The Fed Challenge. Details about the Novice Award
program are available from each participating Federal Reserve District Bank or
Branch.
The Fed Challenge is part of Citigroup's commitment to Financial Education.
Recently, Citigroup and the Citigroup Foundation announced a 10- year, $200
million global financial education commitment, the formation of a new Office of
Financial Education and a global initiative designed to encourage its 300,000
employees around the world to devote time to support financial education and
other charitable causes. Under the new initiative, employees may take a day off
from work to volunteer for non-profit organizations in their communities.
Free Information Available Interested teachers, students, and high school administrators can get complete
information about The Fed Challenge and learn if the Federal Reserve Bank or
Branch in their area participates by calling 1-877-FED-CHLG. High school teams
can then register for the competition through their local Federal Reserve Bank
or Branch. Registration deadlines vary according to each Federal Reserve
District or Branch.
About Citibank Citibank, N.A. is a member of Citigroup (NYSE:C), the preeminent global
financial services company with some 200 million customer accounts in more than
100 countries. Citigroup provides consumers, corporations, governments and
institutions with a broad range of financial products and services, including
consumer banking and credit, corporate and investment banking, insurance,
securities brokerage, and asset management. Major brand names under Citigroup's
trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith
Barney, Banamex, and Travelers Life and Annuity. Additional information may be
found at: http://www.citigroup.com/.
The Student Loan Corporation (NYSE:STU) is one of the nation's leading
originators and holders of student loans providing a full range of education
financing products and services to meet the needs of students, parents, schools
and other Lenders. The company was previously a division of Citibank and
became a NYSE-listed corporation in 1992. Citibank, N.A. is the majority
shareholder. Citibank was one of the first banks to finance higher education,
beginning in 1958. Today, The Student Loan Corporation serves over 2 million
customers, over 3,000 schools, and lenders nationwide.
For information or inquiries regarding student loans, please call
1-800-967-2400. Customers with Telecommunication Devices for the Deaf (TDD) may
call 1-800-846-1298. College planning and financing information is also
available at http://www.studentloan.com/. DATASOURCE: Student Loan Corporation; Citibank CONTACT: Anita Gupta, Public Affairs of Citibank, +1-212-559-0297, or ; or Brad Svalberg, Investor Relations or Student Loan Corporation, +1-203-975-6292, or Web site: http://www.studentloan.com/ http://www.citigroup.com/
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