June 26, 2019
New Yorkers For Children (NYFC) is launching a new merit-based scholarship containing a Financial Literacy Coaching component, which will begin accepting applications in Fall 2019.
NYFC’s Financial Empowerment Fund will distribute $100,000 over a four-year period to help alleviate student loan debt for a handful of deserving NYFC scholars, who are either currently or formerly in foster care. The scholarship will join two existing emergency educational funds to expand the financial aid New Yorkers For Children is able to provide to its clients. Each scholarship recipient will meet with their Financial Youth Mentor. The Financial Youth Mentor would follow a strict curriculum which includes teaching the recipients how to navigate student loan debt and learn how to establish credit.
The fund is sponsored by First Republic Bank, which is committed to reducing the burden of student loan debt and improving financial literacy. In support of those initiatives, First Republic recently worked with SF Films to highlight the personal stories of those with student loan debt. The 30-minute documentary entitled “Spotlight,” focuses on the issues facing borrowers with student loan debt. To watch Spotlight and learn more about the faces impacted by the student loan debt crisis, please visit https://youtu.be/Cjamuu3Vog0.
New Yorkers For Children Executive Director
Saroya Friedman-Gonzalez said,
“We are beyond grateful to First Republic Bank for their generous and ongoing support, and for being a trailblazer in reducing student debt for youth in foster care. Their commitment, along with their mentoring, will really move the needle and level the playing field for older youth in foster care attending college in NYC.”
About New Yorkers For Children
Founded in 1996, New Yorkers For Children (NYFC) is dedicated to improving the lives of youth in and transitioning out of foster care through education and access to opportunity. In addition to managing innovative pilot programs in partnership with the Administration for Children’s Services (ACS), NYFC also operates its own signature scholarship, college and career preparation, and financial aid programs , including the Back to School Package Program, the Nicholas Scoppetta Scholarship Program, The Youth Advisory Board, Network to Success, The Charles Evans Emergency Educational Fund, and The In-Care Emergency Fund. NYFC’s programmatic work is informed by experts in the field of child welfare, including ACS, its foster care agency partners, and youth formerly or currently in care. NYFC has close relationships with all 27 foster care agencies in New York City. For more information, visit www.newyorkersforchildren.org.
Manager of Fund Development and Communications