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State Street Foundation Awards $1.3 Million in Grants to Support Early College Programs in Boston Area Schools

04/13/2021

Data show Early College is an effective strategy to close educational equity and opportunity gaps exacerbated by the COVID-19 pandemic

BOSTON, April 13, 2021 – State Street (NYSE:STT) today announced its commitment to increase student opportunities for succeeding in college and to create paths to good-paying jobs with the awarding of $1.3 million in grants from the State Street Foundation for Early College programs. The grants will be directed to four Boston-area high schools: Quincy High School and North Quincy High School in Quincy and New Mission High School and Dearborn STEM Academy in Boston. 

The COVID-19 pandemic has caused a dramatic decline in college enrollment, particularly among traditionally underserved students, a troubling trend that threatens student opportunity and an equitable recovery from the pandemic. The Massachusetts Early College initiative provides students with structured pathways to college. Through Early College, students can save both time and money by taking college courses and earning credits while in high school. National research shows students participating in Early College programs around the country are completing college at double the rate of their counterparts.

“The past year has tested the resolve of students and created significant financial burdens for families across our state, exacerbating the risk that students from underserved communities of color fall further behind in education and career opportunities. Early College is addressing these obstacles with opportunities and resources to make college a reality for so many deserving students,” said Ron O’Hanley, Chairman and CEO of State Street. “We are proud to be the first corporate supporter of this initiative in Massachusetts, given the program’s strong results.  College enrollment among Early College students is 53% higher than their peers. State Street is committed to supporting innovative programs like Early College to help reduce the racial and social inequities around access to higher education and the jobs of the future.”

“This partnership with State Street Foundation will help to increase our students’ opportunities to succeed in college and in their future careers. Over this past year, the pandemic has clearly exposed inequities for our students and families. This grant will help Boston Public Schools address some of these concerns by closing achievement gaps and ensuring an excellent and equitable education, along with options for the continued advancement of each of our students,” said BPS Superintendent Brenda Cassellius. “BPS remains committed to providing opportunities for our students, and this grant for Early College programming will help equip and engage our students, while providing a more linear pathway towards college and career readiness.”

Early College students take real and strategically sequenced college classes with strong career orientations during their regular high school day at no cost to themselves or their families. Approximately 2/3 of Massachusetts Early College students are Black or Latinx and nearly half are considered economically disadvantaged. This year, Early College students across Massachusetts are expected to earn 24,000 college credits, saving their families approximately $5.2 million in tuition, fees and other college costs.

“This initiative will provide low-income and underrepresented students attending North Quincy or Quincy High a powerful route to post-secondary education, creating opportunities for many of our young people that may not have existed otherwise. Education is truly the great equalizer, and this program strikes directly at the heart of that notion. I am incredibly grateful to the State Street Foundation for making it a reality,” said Quincy Mayor Thomas Koch.

“Expanding Early College opportunities is a top priority for the Board of Higher Education to better serve more students. We applaud State Street for boldly stepping into this effort. This is the kind of public-private partnership that can make a significant difference for students and their families,” said Chris Gabrieli, Chairman of the Massachusetts Board of Higher Education.

Data also shows that Early College students continue their success into college. Of those who participated in Early College high school in 2019, 59% are still enrolled in college compared to 38% of their peers who did not complete the program.

The State Street Foundation Early College grants build on the company’s previous $26 million investment over the last six years which established Boston WINs (Boston Workforce Investment Network), an initiative focused on college and career readiness and economic mobility for the city's youth.

 

About State Street Foundation

Founded in 1977, State Street Foundation invests over US$20M annually in non-profit organizations that primarily deliver education and workforce development programs to help disadvantaged individuals become financially self-sufficient. This investment focus aligns with the economic stake that State Street makes in the communities where it has a business presence and the corporation’s deep interest in preparing local individuals from diverse backgrounds for meaningful employment and careers. State Street Foundation provides financial support through strategic grants, by matching employee donations and by monetizing employee volunteer hours. 

About State Street

State Street Corporation (NYSE: STT) is one of the world's leading providers of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $38.8 trillion in assets under custody and/or administration and $3.5 trillion* in assets under management as of December 31, 2020, State Street operates globally in more than 100 geographic markets and employs approximately 39,000 worldwide. For more information, visit State Street's website at www.statestreet.com.

* Assets under management as of December 31, 2020 includes approximately $75 billion of assets with respect to SPDR® products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Global Advisors are affiliated.

 

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