Allstate Insurance Company
Fundraising initiative to benefit UNCF, contribute to college scholarships this upcoming fall semester
(BLACK PR WIRE)Northbrook, Ill., August 17, 2010 —According to a recent study, two-thirds of African-Americans dropping out of college cite finances as the reason for the decision. To address this trend and continue the company’s history of investment in initiatives that strengthen communities, Allstate Insurance Company (NYSE: ALL) today announced the launch of the second annual “Quotes for Education” program.
In partnership with UNCF – the United Negro College Fund – the program seeks to raise $100,000 in scholarships for African-American college students.
As part of the campaign, Allstate will donate $5 to UNCF for each auto insurance quote that is completed between August 15 and September 30, 2010. Quotes may be obtained online at Allstate.com/quotesforeducation or through a participating Allstate Agent.
“The Allstate family recognizes the importance of education and we realize that now, more than ever, it is important to support organizations that champion the pursuit of higher learning and academic success,” says Anise Wiley-Little, Allstate chief diversity officer. “In addition to supporting a trusted community partner like UNCF, we’re also pleased that this program engages families and communities as part of the solution. By completing an auto insurance quote, drivers join with us in helping to make college education a reality for hard-working students.”
Persistent funding deficits, a struggling economy, and significant tuition increases have created a perfect storm for many students, and African-American students are particularly vulnerable. Consider these facts:
• African-American students who did not enroll in college are likely to report that the need to work was important in their decision. Almost half of African-American students stated that the need to work was “extremely” or “very” important, compared with their peers (Institute for Higher Education Policy, 2010)
• About 46 percent of all African-American undergraduate students receive federal Pell Grant awards, accounting for approximately one-quarter of all recipients (Institute for Higher Education Policy, 2010)
• Twenty years ago, the maximum value of the Pell Grant covered 52 percent of a student's cost of attendance; in 2006, the maximum grant covered about 32 percent of the cost of attendance (College Board, 2007)
• Only 41 percent of black students complete a bachelor's degree within six years (National Center for Public Policy and Higher Education, 2008)
• About 27 percent of all black students graduated with at least $30,500 in student loan debt, while the percentage range of students of other races who graduated with a comparable debt level is 9 percent to 16 percent (College Board Advocacy & Policy Center, 2010)
Quotes for Education is another example of Allstate’s longstanding commitment to education and support of the African-American community. Supporting Quotes for Education is as simple as Click, Quote and Support:
• Click (or Call): Customers will help Allstate reach its $100,000 UNCF fundraising goal by obtaining an auto insurance quote. Participants can take part:
o Online – visit Allstate.com/quotesforeducation
o Mobile – text “ALLSTATE” to 89074
o Phone – call Allstate at 1-866-998-2188
• Quote: Receive an auto insurance quote from Allstate between August 15 and September 30, 2010.
• Support: For each auto insurance quote provided during the Quotes for Education campaign, Allstate will donate $5 to the UNCF up to $100,000.
“We are grateful for Allstate’s commitment to education,” said Michael Lomax, Ph.D., UNCF president and CEO. “The young people whose college studies will be supported by Allstate’s Quotes for Education program are students today, but tomorrow they are the teachers, doctors, scientists, public servants—and insurance agents—who will lead our communities and our country.”
The Allstate Corporation (NYSE: ALL) is the nation's largest publicly held personal lines insurer. Widely known through the "You're In Good Hands With Allstate" slogan, Allstate is reinventing protection and retirement to help more than 17 million households insure what they have today and better prepare for tomorrow. Consumers access Allstate insurance products (auto, home, life and retirement) and services through Allstate agencies, independent agencies, and Allstate exclusive financial representatives in the U.S. and Canada, as well as via www.allstate.com and 1-800 Allstate.
UNCF--the United Negro College Fund--is the nation's largest and most effective minority education organization. To serve youth, the community and the nation, UNCF supports students' education and development through scholarships and other programs, strengthens its 39 member colleges and universities, and advocates for the importance of minority education. UNCF institutions and other historically black colleges and universities are highly effective, awarding 18 percent of African American baccalaureate degrees. UNCF administers more than 400 programs, including scholarship, internship and fellowship, mentoring, summer enrichment, and curriculum and faculty development programs. Today, UNCF supports more than 60,000 students at over 900 colleges and universities across the country. Its logo features the UNCF torch of leadership in education and its widely recognized motto, "A mind is a terrible thing to waste." Learn more at www.UNCF.org.