Wells Fargo Gives $1 Million in Scholarships to Bridge Financial Gaps Faced by Students Amidst COVID-19
September 02 2020 - 8:00AM
Business Wire
Initiative comes as pandemic continues to hamper students’
ability to pursue their educational paths
Students dedicated to making a positive difference in the world
offer the greatest hope for the future, but for many their plans
are threatened due to the unexpected financial gap posed by
COVID-19 – sometimes prohibiting them from continuing and
completing college. Wells Fargo wants to help close that gap by
launching the Wells Fargo Student Impact Scholarship. This new
initiative will provide 200 students with $5,000 each – funds that
could help them cover various costs for their instruction and
potentially make the difference in being able to continue their
education. Wells Fargo’s commitment will go beyond financial
assistance to include an optional mentorship opportunity to provide
ongoing guidance for these students.
The program, which will begin accepting applications on Sept.
14, will be administered with long-standing partner APIA Scholars
to students entering college and current college undergraduates for
the Spring 2021 semester. The financial aid will be able to help
cover costs of education like books, computers, materials to
support distance learning, tuition, and housing.
A recent survey of leaders at various colleges and universities
in July showed that 85 percent of colleges intended to maintain
their tuition levels, with another twelve percent saying they would
increase them, while another recent study showed that more than
half (56%) of college students say they can no longer afford their
tuition costs. These factors combined with the impacts of the
pandemic to jobs overall creates a significant and unexpected
financial gap for some students in continuing their educational
journey.
“Despite the incredible disruptions the COVID-19 pandemic has
created in their personal and academic lives, students remain some
of the key drivers of change. Many are rising to the challenges we
are all facing today, and they are working hard to make a
difference in their communities,” said John Rasmussen, leader of
the Student Lending at Wells Fargo. “These students are making a
positive impact, but are faced with a negative impact from COVID
that could limit their options. We want to help them remain on
their academic paths and continue cultivating their potential to
benefit those around them.”
Expanding Support
Through a collaboration with Wells Fargo’s scholarship partners,
awardees will also have the opportunity to be matched with mentors
from Wells Fargo that will offer practical expertise and guidance
as they navigate academic life and their post-graduation journey.
These mentors will provide guidance to better position these
student for their futures and continue the positive impact they
make in their communities and beyond.
“It has been our long-held belief that a post-secondary
education can be a valuable tool in building long-term financial
health, not just for individuals, but for their communities,” said
Mike Weinbach, head of Consumer Lending at Wells Fargo. “The value
of this program stems not just from the funds being allocated, but
from pairing students with Wells Fargo team members and information
that will help them long after they have utilized the direct
financial support.”
Scholarship applications will be accepted from Sept. 14 to Oct.
2. Those interested in learning more about eligibility can visit
wellsfargo.com/impactscholarship. Learn more about how Wells Fargo
is responding to COVID-19.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified,
community-based financial services company with $1.97 trillion in
assets. Wells Fargo’s vision is to satisfy our customers’ financial
needs and help them succeed financially. Founded in 1852 and
headquartered in San Francisco, Wells Fargo provides banking,
investment and mortgage products and services, as well as consumer
and commercial finance, through 7,300 locations, more than 13,000
ATMs, the internet (wellsfargo.com) and mobile banking, and has
offices in 31 countries and territories to support customers who
conduct business in the global economy. With approximately 266,000
team members, Wells Fargo serves one in three households in the
United States. Wells Fargo & Company was ranked No. 30 on
Fortune’s 2020 rankings of America’s largest corporations. News,
insights and perspectives from Wells Fargo are also available at
Wells Fargo Stories.
Additional information may be found at www.wellsfargo.com |
Twitter: @WellsFargo.
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version on businesswire.com: https://www.businesswire.com/news/home/20200902005377/en/
Media Manuel Venegas, 213-269-2723
manuel.venegas2@wellsfargo.com
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