On Tuesday, fintech company Chime announced the launch of its nonprofit called Chime Scholars Foundation, or CSF. The foundation aims to provide scholarships to students for whom post-secondary education might otherwise feel out of reach. CSF is open to those pursuing higher education, whether that’s through a four-year university, two-year community college or trade school. Scholarships are also available to those pursuing vocational training or apprenticeships. Chime will fund CSF with 1 percent of its equity.
CSF has already awarded more than 350 scholarships as part of a pilot program. These scholarships, renewable annually, can reach up to $5,000. CSF has partnered with schools and community organizations to evaluate applicants and ensure equitable distribution of assistance. The foundation supports any student with the determination to pursue further education, regardless of the institution they choose. The application opens December 1.
