Press Release Archives #261-98 - Helps Launch $200 Million Children's Scholarship Fund

Archives of the Mayor's Press Office

FOR IMMEDIATE RELEASE
Date: Tuesday, June 9, 1998

Release #261 -98

Contact: Colleen Roche (212) 788-2958 or Dwight Williams (212) 788-2972

MAYOR GIULIANI HELPS LAUNCH $200 MILLION CHILDREN'S SCHOLARSHIP FUND

K-12 Scholarships to Private and Parochial Schools Will Be Available to Low-Income Students Nationwide

Mayor Rudolph W. Giuliani today helped unveil The Children's Scholarship Fund, a $100 million fund underwritten by Ted Forstmann, Senior Partner of Forstmann Little & Co. and entrepreneur John Walton to provide private and parochial school scholarships to 50,000 children nationwide. The Children's Scholarship Fund, matched with $100 million from local partners, will award more than $200 million in scholarships to students of low-income families for the 1999 school year. New York City joins Los Angeles, Chicago, Washington D.C. and Jersey City as the Fund's first partner cities.

"I want to salute Ted Forstmann and John Walton on their commitment to providing scholarships to lower income children throughout the nation," Mayor Giuliani said. "Because of their generous investment, 50,000 students will be given an educational opportunity, that will allow them access to the quality education that they deserve. The Children's Scholarship Fund's efforts to bring competition to the country's educational system can only improve the quality of education across the board in the public, parochial and private school systems.

"Two years ago, the School Choice Scholarship Foundation was created to provide City children with the opportunity to enter schools that are financially beyond their reach," the Mayor continued. "This foundation is now a model program for municipalities across the country. The Children's Scholarship Fund will reach even more children. As applications for scholarships increase, I urge other business and community leaders to get involved so that children across the nation will have the opportunity to receive the best education possible."

Joining Mayor Giuliani, Ted Forstmann and John Walton at today's announcement were Mayor Brett Schundler of Jersey City, Reverend Floyd Flake, Michael Ovitz of Creative Artists Agency and Lonnie Taylor, Vice President of the United States Chamber of Commerce.

Mr. Forstmann said, "The Children's Scholarship Fund is going to open new doors for thousands of low-income kids. We are identifying communities to partner with us to give more children more opportunities. Every city is different, so we want to work directly with the community. All over the country, John Walton and I are hearing from families looking for expanded opportunities for their children's education. Everybody knows that the best way to help young people is to make sure they receive a solid education. The Children's Scholarship Fund will provide more educational opportunities."

Ted Forstmann and John Walton have underwritten the Fund's first $100 million and will lead efforts to secure matching donations in newly selected partner cities. The Fund has contacted more than 300 of the nation's municipal leaders and will announce new partner cities in September. Mayors and community leaders interested in partnering with The Children's Scholarship Fund should call (800) 444-9662.

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