Fidelity Scholars Program: FAQs

What is the Fidelity Scholars Program?

The Fidelity Scholars Program is an individual scholarship designed to help students overcome barriers to success and graduate debt-free from a four-year college, two-year college or a certificate program. The Fidelity Scholars Program includes scholarships for students in underserved communities and a suite of ongoing support, including mentorship by Fidelity associates, internship, apprenticeship guidance and financial education programming.

The scholarship is part of the Fidelity initiative, Invest in My Education (ME)℠, a social impact initiative that provides access to education and ongoing support to Black, Latinx and historically underserved students. The program will take a holistic approach to driving transformational change by combining student scholarships with ongoing support, including resources to complete degree programs and pathways to post-graduation employment. Invest in My Education (ME)℠ will also fund grants to non-profit organizations that broadly facilitate the success of Black, Latinx and historically underserved high school and college students.

What are the goals of the Fidelity Scholars Program?

To provide access to resources and networks that help students enter jobs or careers that facilitate continued economic mobility, the program seeks to position historically underserved communities for greater economic mobility and generational wealth, improving long-term outcomes for all. Specifically, the program seeks to provide flexible scholarships, mentorship and support underserved students to complete their post-secondary programs with no education debt.

Why is Fidelity launching this program?

Fidelity’s most fundamental value is to empower individuals to strengthen and secure their financial future. Fidelity is committed to removing systemic barriers so that anyone, regardless of their background, can access higher education and economic mobility.

What demographics of students are eligible for the Fidelity Scholars scholarship?

Eligible students include those who identify as Black, Latinx, Native American or underrepresented Asian American Pacific Islanders.

Is the scholarship open to incoming freshmen or first-year students, only? Tell me more about student eligibility requirements.

The Fidelity Scholars program is designed as a gap-closing program that supplements other existing financial aid. Eligibility requirements include:

The program is designed for students ages 16-24.

  • Student applicants in 2023 must reside in the major metropolitan areas where the program will initially launch: Boston, MA; Dallas/Fort Worth, TX; or Raleigh/Durham, NC.
  • Students must be Pell Grant-eligible, as this is designed to supplement existing financial aid. Federal Pell Grants usually are awarded only to undergraduate students who display exceptional financial need and have not earned a bachelor’s, graduate, or professional degree based on family income that would otherwise not allow easy access to college.

Are there GPA requirements for the recipients? Could a student lose his/her scholarship due to sub-par academic performance?

Students who fall below a 2.5 GPA will be at risk of losing their scholarship. However, students will have access to dedicated college success coaches throughout the academic year to help them keep on track and will have access to resources both on campus and through the program’s nonprofit partners to support their academic success.

How will the scholarship funding be distributed? Is Fidelity handpicking the recipients?

UNCF will be responsible for scholarship candidate selection and funds distribution with frequent check-ins and reporting to Fidelity. Fidelity has no role in the selection process of Fidelity Scholars, leaving that to UNCF and nonprofit partners it works with who best know the program-targeted communities and the students the program aims to support.