Inflation has impacted everyone, particularly the young adults who are aiming to build a life for themselves. Luckily, Frito-Lay is stepping in to make things easier.
The food conglomerate recently announced a partnership with the United Negro College Fund (UNCF) that includes a $500,000 need-based scholarship program for BIPOC students in Atlanta, Chicago, Dallas, Detroit, Houston, Los Angeles, Orlando, Phoenix, San Francisco and Washington, D.C. Each scholarship will provide assistance of up to $5,000 each to 100 Black and Hispanic students. Applications are open until September 29.
“Investing in these students means investing in tomorrow’s success. It’s a privilege to play a role in their futures,” said Steven Williams, CEO PepsiCo Foods North America in a news release. “At Frito-Lay, we’re proud to celebrate diversity at every level of our organization and remain committed to supporting future generations through resources that enable them to continue their education journey and achieve long-term success.”
Brookings reported that tuition is outpacing students’ earnings. Research shows that between the years of 1993 and 2020, the average loan amount nearly tripled, surpassing $30,000.
Frito-Lay and UNCF recognizes this.
“We’re thrilled to partner with Frito-Lay to support underrepresented groups in the communities that we call home,” said Maurice E. Jenkins, Jr., executive vice president and chief development officer, UNCF in a news release. “This partnership helps us to further act on our vision of a nation where all Americans have equal access to a college education that prepares them for rich intellectual lives, competitive and fulfilling careers and engaged citizenship.”
This program comes at a time when college costs and student loan debt is at an all-time high, particularly for those at the lower rung of the racial wealth divide.