HOPE Chicago Launches Transformative Billion-Dollar Multigenerational Scholarship Program, Sending Chicago Students and Parents to University

Dr. Janice Jackson, Former Executive Director of Chicago Public Schools, appointed Executive Director of HOPE Chicago

CHICAGO, September 29, 2021 / PRNewswire / – HOPE Chicago is a one-of-a-kind scholarship model serving Chicago students and their parents. Led by the elder Chicago The CEO of Public Schools (CPS) Dr. Janice Jackson, HOPE Chicago undertakes to raise, invest and deploy $ 1 billion in college scholarships and supporting funding over the next decade, creating pathways to economic success for generations of Chicagoans.

Hope Chicago is a two-generation scholarship program designed uniquely to provide the real support students and families need to graduate from college.

Today, more CPS students graduate from high school than ever before, and 90 percent of CPS 9 students surveyede students aspire to go to university. However, significant barriers exist between the dreams of these students and obtaining a degree; only 63 percent of CPS students enroll in college and only 27 percent graduate, according to a HOPE Chicago investigation.

According to a EdSurge article, InsideTrack reported that finances are one of the top three reasons traditional and post-traditional age students drop out of college, and historical methods designed to support students, such as state grants, only cover a third of the cost of tuition from today to Illinois public universities. HOPE Chicago seeks to bring together the civic community to invest in the city’s students and drive multigenerational change.

“As a long-time educator, I understand the barriers students face when entering the higher education system. Many of them – financial, social, psychological and emotional have been further exaggerated by the COVID-19 pandemic hampering student success. Said Dr. Janice Jackson, CEO of HOPE Chicago. “HOPE Chicago has a bold vision and a lofty goal. However, with a generous upfront investment, our operating and administration costs are covered for the next three years, which means we can guarantee that every penny raised goes directly to educating underserved people. Chicago families. With the help of the community, civic leaders and business leaders, we have the opportunity to redefine the education landscape in our city. “

Higher education has been found to increase the likelihood of employment and higher earnings, according to Ministry of Labor data reported by the the Wall Street newspaper. The impact of HOPE Chicago – and the opportunity to increase college completion rates – will be important for CPS students, 90 percent of whom are students of color and 80 percent are low-income, according to Chicago Public schools.

“Education is the essential key to building a bridge that can bring underserved communities to prosperity. I know firsthand the impact of HOPE Chicago will change this city for the better, especially for black and brown families who are often left behind by the education system, ”said City of Chicago Mayor Lori E. Lightfoot. “By investing in Chicago students, parents and their future, HOPE Chicago also invests in the future of our city’s social and economic outcomes, with a skilled, skilled and educated workforce. And with Dr. Janice Jackson at the helm, the sky is the limit for this important new venture. “

Debt Free College and Support That Goes Beyond Tuition

Through its unique and holistic approach to supporting students and parents in all aspects of their educational journey, HOPE Chicago aims to increase the district college completion rate. HOPE Chicago the scholarships will cover the full cost of attending participating nonprofit higher education institutions of two and four years. Students can also pursue post-secondary industry certification programs.

“The University of Illinois Urbana-Champaign is delighted to be a partner of HOPE that of Chicago new visionary path to access and success in college for Chicago Public school students. It’s some of the best news I’ve heard in this space in years and it’s a transformative moment for so many. Chicago families, ”said University of Illinois at Urbana-Champaign Chancellor Robert J. Jones.

In order to raise $ 1 billion over ten years to cover both tuition and non-tuition fees, HOPE Chicago can provide scholarships to approximately 24,000 first-year students and assist over 6,000 parents / guardians through the two-generation model. The two-generation model has been shown to increase the likelihood of completion, which sets a new standard of achievement for the entire higher education sector and creates lasting economic impact for families.

In addition to paying the tuition fees, HOPE Chicago is committed to helping students tackle loneliness and psychological stress, factors that contribute to college dropout rates. By forging partnerships with community organizations and like-minded outreach programs, HOPE Chicago can reach 71,000 other high school graduates with comprehensive support services including counseling, mentoring and career counseling.

For the 2021-2022 school year, HOPE Chicago will focus on lifting his first $ 100 million and identify the most needy priority schools and communities. Through investments totaling more than $ 20 million by the Kadens Family Foundation and the co-founder of HOPE Chicago, Ted koenig, HOPE that of Chicago operational and administrative costs are fully funded for the next three years, so every dollar raised will go directly to the scholarship fund and return to the students.

The first cohort of Hope Chicago Scholars will be selected in late spring 2022 and begin post-secondary studies in fall 2022.

“HOPE that of Chicago visionary mission prepares our students and their families for success. Like many of our students, education has lifted me out of poverty. As I begin my work with CPS, programs like HOPE Chicago motivates us to help students complete their education and ultimately get on the path to economic success, ”said CPS’s new CEO. Pedro martinez.

HOPE Chicago Leadership

HOPE Chicago brings together a world-class group of widely diverse and experienced leaders in education, business and philanthropy from across the United States who believe in its mission to break down barriers to education.

“A scholarship program of this magnitude has never been done before, but we are betting big on that of Chicago poorest families. With this in mind, our goal is that HOPE Chicago will positively disrupt the post-secondary education system and serve as a potential model for the nation, ”said Pete kadens, Founder and President of HOPE Chicago. “With leaders like Dr. Jackson at the helm and a supportive community in the public and private sectors, we can realize our bold vision – to help thousands of students and their parents achieve their dreams and graduate – and have a significant impact on generations to come. “

HOPE Chicago The board of directors includes:

  • Pete kadens, Co-founder and co-president of HOPE Chicago

  • Ted koenig, Co-founder and co-president of HOPE Chicago, President and CEO of Monroe Capital

  • Constance Jones, Vice-president of HOPE Chicago, CEO of the Noble Network of Charter Schools

  • Charlie desmond, Ed.D, CEO of Inversant

  • Laura Frerich, executive director of University of Illinois Research park

  • Adolfo hernandez, director of the Pritzker Community Health Initiative

  • Julie hoffmann, director of The Kadens Family Foundation and partner of JH Philanthropy

  • Lynn jerath, President Citrine Investment Group

  • Joyce Johnson Miller, President and Chief Investment Officer of Pacific Gate Capital

  • John C. Jones, CEO of HOPE Toledo

  • Dorri McWhorter, CEO of YMCA Greater Chicago

  • Wes moore, former CEO of the Robin Hood Foundation

  • Julien posada, President and CEO of Lift Up Enterprises

  • Eric A. Reeves, Managing Director & Head of Private Capital Investments of Duchossois Capital Management

  • Jonathan reinsdorf, CEO of FroogalPay

  • Lee rosenberg, CEO of Rosenberg Advisory

  • Von Washington, Executive Director of Community Relations at Kalamazoo Promise

“We look forward to providing high school students in the greater Chicagoland area with a roadmap for higher education, personal success and future employment. We hope that with our financial support and guidance, we can help. students to bring their vision of a prosperous future to life, ”said Ted koenig, co-founder and co-president of HOPE Chicago and President and Chief Executive Officer of Monroe Capital.

About HOPE Chicago

HOPE Chicago is a 501 (c) (3) nonprofit scholarship organization committed to serving Chicago students and their parents in the pursuit of higher education. Through its holistic and multigenerational approach, HOPE Chicago is committed to raising and investing $ 1 billion in college scholarships and supporting funding over the next decade, creating avenues for success for generations. of Chicagoans. Learn more about Hopechicago.org.

For media inquiries, contact:
Claire Marshall
[email protected]



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SOURCE Hope Chicago

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