President Barack Obama surprised the world when he won the Nobel Peace Prize. Even he admitted he was undeserving; however, he still donated all of the prize money to a host of worthy organizations.
Scholarships for African Americans
Obama was awarded $1.4 million total along with the Nobel Peace Prize. He decided to split up the money between 10 organizations, one being the United Negro College Fund. Obama stated, “"These organizations do extraordinary work in the United States and abroad helping students, veterans and countless others in need. I'm proud to support their work" (source: cbsnews.com).
The United Negro College Fund supports black students financially in their goals of pursuing an education at a four-year university. Students often choose to attend HBCUs or Historically Black Colleges and Universities.
Out of the $1.4 million, Obama donated $125,000 to the UNCF.
More Grants for African Americans & Black Scholarships
With the donation, the UNCF has decided to allocate the money toward helping current college seniors.
President of the UNCF Dr. Michael L. Lomax says, "We are grateful that President Obama has seen fit to use the proceeds from his Nobel Prize to help seniors at UNCF-member colleges and universities complete their studies and graduate on time. The recession has been hard on them, and they will be encouraged that the first African American president of the United States is investing in their education and their future" (source: uncf.org).
With the cost of college soaring to upwards of $50,000 for a most competitive private university, it’s no wonder that college seniors are struggling financially. Additionally, the more a student matriculates, the less the financial aid s/he receives. For example, freshmen receive better financial aid packages than seniors do. And every year, colleges raise tuition, room and board and other fees. By senior year, the student is often in a major financial bind.
Financial Aid for Black Students
That is where the UNCF comes in. With this prize money, they have started the Campaign for Emergency Student Aid, “after a survey revealed that the recession had imperiled the education of hundreds of seniors at the 39 historically black colleges and universities that are members of UNCF” (source: uncf.org).
The UNCF vows to help nearly 1000 seniors graduate this spring who attend HBCUs that are members of the UNCF.
Due to Obama’s generous donation, the UNCF will help black students graduate on time. Without such an emergency fund, many seniors would be left stranded. Thus, due to a charitable act, more black students will be handed their diplomas this upcoming May.
Jennifer Ciotta - Jennifer Ciotta is the author of I, Putin (Vladimir Putin novel): http://vladimirputinnovel.com.
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