Fidelity Investments has announced a $250 million initiative to expand access to higher education for Black, Latinx, and historically underserved students.

The Invest in My Education (ME) program will provide support for up to 50,000 students, with the goal of increasing opportunities for economic mobility and helping build a path toward generational wealth. Designed as a long-term, personalized approach to improve post-graduation outcomes, the program consists of three main components: the Fidelity Scholars Program, which will offer scholarships and ongoing support services including mentorship by Fidelity associates, guidance on internships and apprenticeships, and financial education programming, in partnership with nonprofit organizations such as UNCF and MENTOR; retention and completion grants; and ecosystem-building grants for nonprofits working to improve graduation rates for underserved students. As part of the initiative, UNCF will receive a $190 million grant, the largest commitment in its 78-year history.

The success of the program will be measured through students’ college completion rates, their capacity to graduate without student debt, and their ability to secure good-paying jobs that facilitate greater economic mobility and financially firm futures. Fidelity plans to launch the program in Boston, Raleigh/Durham, and Dallas/Fort Worth.

“Invest in My Education upholds Fidelity’s most fundamental value—to empower individuals to strengthen and secure their financial futures,” said Pamela Everhart, Fidelity Investments’ head of regional public affairs and community relations. “By taking a unique, long-term and holistic approach, Invest in My Education has the potential to support economic mobility for up to 50,000 students over the next five years—and that is really just the beginning.”

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