The College-Bound Savings Program is a three-year partnership between YPI and Citi designed to help 1,300 low-income families with children in middle and high school to save for college, reduce debt, build credit and learn budgeting through financial education and one-on-one college preparation counseling. The program’s initial goal of 3,900 hours of financial education has already been surpassed for the first group of 700. Together, they raised nearly $100,000 and completed more than 8,000 hours of training. The remaining students are expected to complete their studies by the end of 2014.
The YPI-Citi partnership is a key element of the Los Angeles Promise Neighborhood, which is a signature White House Neighborhood Revitalization Initiative. The U.S. Department of Education established Promise Neighborhoods to break the cycle of poverty with services from cradle-to-college-and-career in areas like Hollywood, where the poverty rate is 35 percent, and Pacoima, where the poverty rate is nearly 30 percent.
“For students, a college degree is critical to advancing their professional goals and it’s one of the best investments they can make,” said Bob Annibale, Citi’s global head of community development and microfinance. “With the cost of higher education continuing to rise, choosing the right degree and university is more important than ever. We are proud to work with the Youth Policy Institute to provide young men and women with the financial and academic preparation necessary for a bright future.”
“Thanks to this partnership, families like Nina Bautista and her husband Hermilio Quintano have been able to learn about financial literacy, pay off their debts and even open a bank account for their 18-year-old daughter, who is now in her first year of college,” said Dixon Slingerland, Executive Director of YPI. “And we know we’re helping hundreds of other families do the same.”
Since 2011, YPI and Citi have partnered in three flagship initiatives:
- Families Save, a financial education, which helps families save for college by matching their deposits
- LA College Ready Program providing post-secondary planning workshops to 12th graders, and
- Public Computer Centers, where 150 computers have been donated for use at YPI technology centers.
More than 100 families will gather on Tuesday, March 4, 2014 from 11:30 a.m. to 1:30 p.m. at Pacoima Charter School (11016 Norris Ave., Pacoima, CA 91331) to receive a certificate of completion presented by the Youth Policy Institute, a non-profit that provides wraparound services to low-income families in L.A., Citi Community Development, and local elected officials.
For more information about the Families Save: College Bound Savings Program or to arrange interviews, contact Evelyn Aleman at 818-943-2481 or via email at firstname.lastname@example.org. You may also visit the URL, http://www.ypiusa.org/services/hfsc/citi-families-save-program/.
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About Youth Policy Institute and Los Angeles Promise Neighborhood
Youth Policy Institute has been providing wraparound services to low-income families in Los Angeles since 1996 and is the lead agency of the Los Angeles Promise Neighborhood (LAPN). LAPN is an innovative place-based public private partnership of over 40 community-based organizations, public agencies and private sector partners in the communities of Pacoima and Hollywood. The goal of LAPN is to break the cycle of poverty by providing cradle-to-college-and-career services to low-income children and families. It is based on the nationally recognized Harlem Children’s Zone model. For more information, visit http://www.ypiusa.org.
About Citi Community Development (CCD)
Citi Community Development (CCD) is leading Citi's commitment to achieve economic empowerment and growth for underserved individuals, families and communities by expanding access to financial products and services, and building sustainable business solutions and innovative partnerships. Our focus areas include: commercial and philanthropic funding; innovative financial products and services; and collaborations with institutions that expand access to financial products and services for low-income and underserved communities. For more information, please visit www.citicommunitydevelopment.com.