Thousands of Chicago students — and their parents — will have a better chance of graduating from college with a comprehensive scholarship program announced Tuesday at five public schools.

The big picture: The program will primarily award scholarships to Black and Latino students beginning in the fall semester.

why is it important: Fear of taking on unpaid debt deters many students of color from going to college, studies show.

• Data from the US Department of Education also shows that Latinos have lower college completion rates than non-Hispanic whites.
• According to data from the Federal Reserve, Latino and black graduates who take out college loans have been saddled with that debt much longer than their peers.

Details: The scholarships are from Hope Chicago, a private group that promises to cover full tuition, room and board at partner universities, as well as books, a laptop, and stipends for expenses such as transport.

• Hope Chicago will also provide all recipients with career guidance and counseling so that “the student not only obtains for corn by University.”
• Funding comes from donations and from the group’s co-founder Pete Kadens, a businessman and philanthropist.

The plot: The Hope Chicago program doesn’t just provide scholarships for students – it will also provide funding for a parent to enroll in a two- or four-year program or professional certification program.

• The idea is to make education accessible to several generations in order to “promote equity”.
• Hope Chicago is seeking to raise $1 billion to ensure the program continues for at least the next decade.

Benito Juárez Community Academy is one of five Chicago schools chosen for the program.

• 94% of its approximately 1,700 students are Latinos. Most come from low-income families.
• “There is so much talent and effort in this community, but this opportunity for financial support was what was missing to enable and motivate students to continue their educational journey,” said school principal Juan Carlos Ocon. , at Axios Latino.
• Ocon said 60% of the 400 senior starters already have early decision admission and that, based on averages from previous years, at least 95% will be admitted to a four-year college.
• “Over the past few weeks, many parents have expressed concern about providing these services to their children. With this news, that concern is over. I hope that joy reverberates across Chicago.

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