Amid National Access And Affordability Crisis, PepsiCo Expands Community College Program Nationwide To Support 4,000 Black And Hispanic Students

Rhea-AI Summary

PepsiCo announced an expansion of its Community College Program to support Black and Hispanic students across nine new cities. The initiative, which addresses a crisis in higher education, aims to provide 1,400 scholarships and additional resources such as professional mentoring and financial assistance. The program initially launched in March 2021, targeting 4,000 students over five years. Alongside scholarship opportunities, participants receive support for living costs and financial literacy education. This expansion is part of PepsiCo's commitment to racial equity and community development.

Positive

• Expansion of Community College Program to nine new cities.
• 1,400 scholarships offered to Black and Hispanic students.
• Support includes financial assistance for living costs and professional mentoring.
• Part of a $50 million commitment to racial equity and community development.

Negative

• None.

PURCHASE, N.Y., Nov. 10, 2021 /PRNewswire/ -- Today, PepsiCo (NASDAQ: PEP) and The PepsiCo Foundation announced the nationwide expansion of the company's Community College Program to students across nine additional cities. Amid a crisis in higher education that has seen plunging rates of enrollment and degree completion among Black and Hispanic students, PepsiCo's program promotes access and advancement through a holistic approach that offers not only financial support to help students at the point of college entry but addresses the additional obstacles – retention, completion, and workforce readiness – that disproportionately impact these students' educational and professional journeys. 

This program aims to close the education and achievement gap for historically excluded communities by providing additional resources such as professional mentoring, financial assistance for eligible living costs such as childcare and transportation, and financial literacy courses.

Building on its Racial Equality Journey, PepsiCo is expanding this program to offer 1,400 scholarship opportunities through 2022 to eligible Black and Hispanic students attending the following schools:

• Los Angeles Community College District (Los Angeles, CA)
• Miami Dade College (Miami, FL)
• Wayne County Community College District (Detroit, MI)
• Atlanta Metropolitan State College (Atlanta, GA)
• Ivy Tech Community College (Indianapolis, IN)
• Maricopa County Community College District (Phoenix, AZ)
• Valencia College (Orlando, FL)
• Alamo Colleges District (San Antonio, TX)
• Prince George's Community College (Largo, MD)

"Black and Hispanic students are facing an unprecedented educational crisis as enrollment rates continue to decline and dropout rates increase, often because of financial needs outside of tuition. Students need more than scholarships – they need support to stay in school, finish their degrees, and access the job market," said C.D. Glin, Global Head of Philanthropy, PepsiCo & Vice President, The PepsiCo Foundation. "We launched this program to help students address some of the most critical barriers to their education and economic success, and we're proud to announce today that we're bringing more students in and helping them on their academic journey."

Historically, community colleges are an engine of upward mobility, serving a student population that is demographically and economically diverse. But for students already struggling to cover living expenses, COVID-19 and the ensuing economic crisis proved an insurmountable barrier, forcing thousands to forgo enrollment or drop out. In response, PepsiCo and The PepsiCo Foundation launched the Community College Program in March 2021 to support 4,000 Black and Hispanic students over five years. Started with City Colleges of Chicago, Westchester Community College, Houston Community College and Dallas College, the program addresses the underlying barriers that make it challenging for minority students to enroll, persist, and graduate.

The PepsiCo Foundation's Community College Program includes two types of scholarships – Uplift Scholarships for students seeking two-year associate degrees or trade certificates and S.M.I.L.E. (Success Matters in Life & Education) scholarships for community college graduates transitioning to four-year colleges.

The Uplift Scholarship also provides assistance for students pursuing programs that are not often covered by federal student aid. Students receive financial assistance and services designed to support their continued enrollment, including dedicated success coaches, access to emergency grants, and financial literacy programs to empower them with the resources and knowledge for making sound financial decisions. The program is offered at all 13 community college partners.

The PepsiCo Foundation also announced the first 25 recipients of the S.M.I.L.E. scholarship program, who have each received a $25,000 scholarship grant, a professional mentor from PepsiCo to provide guidance and support along their educational journey, and access to financial wellness courses. The 25 students are currently enrolled at some of the nation's top academic institutions, including Columbia University, Fordham University, the University of Illinois at Urbana-Champaign, and the University of Texas at Austin.

"It's a great honor to partner with PepsiCo and be included in this groundbreaking program alongside other top institutions," said Madeline Pumariega, President of Miami Dade College. "Now more than ever, Miami Dade College remains committed to advancing Hispanic and Black student success and completion rates, as well as creating and expanding career pathways for in demand jobs in the new global economy."

PepsiCo efforts to date include a $50 million commitment over five years to support Black-owned businesses primarily through Pepsi Dig In, a multi-faceted platform that encourages consumers to support Black-owned restaurants as well as provides resources to restaurateurs through the Black Restaurants Deliver program, a no-cost service that helps owners boost online ordering and delivery capabilities; The PepsiCo Foundation's Black Restaurant Accelerator, a $10 million program with the National Urban League to provide support to 500 Black-owned restaurants around the U.S. over the next five years; and Doritos SOLID BLACK™, a $5 million multi-platform initiative designed to bolster the voices of Black innovators and creators.  

Similarly, PepsiCo recently launched Juntos Crecemos, a $50 million platform to strengthen Hispanic-owned businesses over the next five years, with a key part of that platform being The PepsiCo Foundation's IMPACTO Hispanic Business Accelerator, which is providing $10 million in funding to 500 Hispanic small food and beverage business owners in 13 U.S. cities. PepsiCo's global commitment to advance food security through collaboration in communities where we live and work, Food For Good, also provides jobs and nutritious food access for Black and Hispanic communities.

More information about PepsiCo's Racial Equality Journey can be found online at pepsico.com/about/diversity-and-engagement.

About PepsiCo 
PepsiCo products are enjoyed by consumers more than one billion times a day in more than 200 countries and territories around the world. PepsiCo generated more than $70 billion in net revenue in 2020, driven by a complementary food and beverage portfolio that includes Frito-Lay, Gatorade, Pepsi-Cola, Quaker, Tropicana, and SodaStream. PepsiCo's product portfolio includes a wide range of enjoyable foods and beverages, including 23 brands that generate more than $1 billion each in estimated annual retail sales. Guiding PepsiCo is our vision to Be the Global Leader in Convenient Foods and Beverages by Winning with Purpose. "Winning with Purpose" reflects our ambition to win sustainably in the marketplace and embed purpose into all aspects of our business strategy and brands. For more information, visit www.pepsico.com.

About The PepsiCo Foundation 
Established in 1962, The PepsiCo Foundation, the philanthropic arm of PepsiCo, invests in the essential elements of a sustainable food system with a mission to support thriving communities. Working with non-profits and experts around the globe, we're focused on helping communities obtain access to food security, safe water and economic opportunity. We strive for tangible impact in the places where we live and work—collaborating with industry peers, local and international organizations, and our employees to affect large-scale change on the issues that matter to us and are of global importance. Learn more at www.pepsico.com/sustainability/philanthropy.

 

View original content:https://www.prnewswire.com/news-releases/amid-national-access-and-affordability-crisis-pepsico-expands-community-college-program-nationwide-to-support-4-000-black-and-hispanic-students-301420693.html

SOURCE PepsiCo Foundation

FAQ

What is the purpose of PepsiCo's Community College Program?

The program aims to support Black and Hispanic students by providing scholarships and resources to help them overcome barriers to education.

How many scholarships is PepsiCo offering in the new expansion of its Community College Program?

PepsiCo is offering 1,400 scholarships as part of the program's expansion.

In which cities is PepsiCo expanding its Community College Program?

PepsiCo is expanding its program to nine additional cities, including Los Angeles, Miami, and Detroit.

What financial aid does the Community College Program provide?

The program offers financial assistance for living costs, scholarships, and financial literacy courses to eligible students.

When was the original Community College Program launched?

The Community College Program was launched in March 2021.

How many students does PepsiCo aim to support through the Community College Program in total?

PepsiCo aims to support 4,000 Black and Hispanic students over five years through the program.