PRESS RELEASE: An Educational Safety Net for Houstonians Returning to School

HOUSTON, TX – Returning to school is a frightening proposition during the best of times, but right now, in this economy, it can be prohibitive. Many Houstonians, discovering that their companies have downsized and their jobs are gone, realize they need to return to school to develop the skills that are in demand in the current job market. The problem is – they need the education to get a job,they need a job to pay for the education. And thanks to Bank of America, there is a solution to this economic conundrum for many Houston Community College (HCC) students.

The Bank of America Charitable Foundation donated a $250,000 grant to the Houston Community College Foundation to establish a Safety Net Scholarship for HCC students. The scholarship targets unemployedand underemployed students, age 25 or older, who have returned to college to upgrade their job skills.

The Bank of America Safety Net Scholarship may be used to pay for tuition, fees, books and course materials.

“We are committed to education and training to drive our region’s economy. This generous gift from Bank of America will enable us to provide increased access to educational opportunity for our adult studentsseeking to sharpen their skills or reenter the workforce,” said HCC Chancellor Dr. Mary S. Spangler. “We are grateful for Bank of America’s support to help us to meet the educational needs of our diverse andgrowing region.”

Bank of America Texas and Houston Market President Kim Ruth and Senior Vice President Rick Jaramillo will present the grant at the HCC Foundation’s annual scholarship luncheon, Tuesday, November 10.

Several hundred student scholarship recipients and their benefactors will gather for the luncheon at HCC West Loop Campus, 5601 West Loop South, to celebrate the importance of educational support.

“The down economy has required many people who have been in the workforce for awhile to return to college to improve their skills base,” said Ruth. "Bank of America is committed to strengthening the communities in which we do business and we are pleased to support the Safety Net Scholarship to help these students complete the necessary coursework so they can achieve financial independence again.”

Community colleges are the nation’s resource for people who have lost their jobs or wish to obtain more relevant employment. For example, Houston Community College offers more than 70 career-trainingprograms in marketable fields such as nursing, auto mechanics, culinary arts, petroleum engineering technology, and computer science.

The courses cost as much as 75 percent less than those at publicstate universities, and students often can attend classes at a campus close to home.

Scholarship Program Helping Students Help Texas

Unemployed or underemployed students, however, often struggle to find the discretionary funds necessary to pay for even community colleges’ reasonably affordable tuition rates. At HCC, two-thirds of enrolled students come from economically disadvantaged families, and nearly one-half are the first in their family to attend college. Approximately 55 percent of HCC students are over age 21, and the averagestudent age is 25.

Paying for textbooks can be a special challenge, running as much as $1,000 per semester for a full-time student—more than the cost of a semester’s tuition. The inability to pay for a given semester’s expensescan interrupt a returning student’s college ambitions and put an end to his hopes for financial stability.

The Bank of America Safety Net Scholarship will give the HCC Foundation the flexibility to step in and provide assistance when a student faces an unexpected financial crisis that threatens to prevent him orher from taking classes.

The gift will also boost HCC Partners for Jobs program launched earlier this year. The grass-roots collaboration of interested organizations is helping Houstonians get the education or training they needand to identify job opportunities.

About HCC

HCC is one of the country’s largest singularly-accredited, open-admission, community colleges offering associate degrees, certificates, workforce training and lifelong learning opportunities for 65,000 students each semester.

HCC is composed of six colleges that serve the greater Houston area’s diverse communities by preparing individuals to live and work in today’s increasingly international and technological society. Visit us online at hccs.edu.

About Bank of America Corporate Philanthropy

Building on a long-standing tradition of investing in the communities it serves, Bank of America this year embarked on a new, ten-year goal to donate $2 billion to nonprofit organizations engaged in improving the health and vitality of their neighborhoods. Funded by Bank of America, the Bank of America Charitable Foundation gave more than $200 million in 2008, making the bank the most generous financial institution in the world and the second largest donor of all U.S. corporations in cash contributions.

Bank of America approaches investing through a national strategy called "neighborhood excellence" under which it works with local leaders to identify and meet the most pressing needs of individual communities. Bank associate volunteers contributed more than 900,000 hours in 2008 to enhance the quality of life in their communities nationwide.

For more information about Bank of America Corporate Philanthropy, please visit www.bankofamerica.com/foundation.

About the HCC Foundation

The Houston Community College Foundation enhances the quality of life of our community and of our fellow citizens through fundraising efforts that improve access to higher education, support workforce training, and advance student learning at Houston Community College. For more information, please go to hccsfoundation.org.

About HCC Partners For Jobs

HCC Partners for Jobs is a collaboration of interested organizations helping Houstonians get an education or training and identify job opportunities. Learn more at hccpartnersforjobs.org.