Los Rios, Partners Announce Comprehensive Plan to Address College Affordability
July 11, 2019
Investments from Sutter Health, SAFE Credit Union, Wells Fargo and VSP Global mark largest combined corporate contribution in college affordability in Los Rios history.
The Los Rios Community College District today announced the largest set of investments to address college affordability in Los Rios history. In total, Sutter Health, SAFE Credit Union, Wells Fargo and VSP Global will contribute $752,500 resulting in 1,234 Promise Scholarships that will remove financial obstacles to education for low-income students, like textbooks and living expenses, that are not typically covered by existing aid programs. These funds build on the state’s newly announced two-year California College Promise Program, which guarantees free tuition for all first-time, full-time California community college students. These investments and state funds, along with partnerships with the City of Rancho Cordova and the City of West Sacramento and their respective Promise programs for the residents of those cities, will help Los Rios students reduce the financial barriers to academic success.
“Los Rios is committed to solving the financial challenges that our students face,” said Brian King, Chancellor of the Los Rios Community College District. “We are proud to partner with the committed leadership at Sutter Health, SAFE Credit Union, Wells Fargo and VSP Global to address college affordability by building on the state’s investment in our students and providing the support our students need to achieve their academic goals.”
The combined total marks the largest contribution to address college affordability in Los Rios’ 50-plus year history.
Sutter Health is providing the largest investment toward the Promise effort, committing $512,500 over five years. In a single year, this funding will support 180 students with $500 Promise Scholarships—helping reduce financial barriers and to support students’ post-secondary and workforce success. Additionally, a portion of the investment will be added to the Los Rios Promise Endowment, ensuring that students benefit from Sutter’s generosity for generations to come. They will also be using some of their contribution to create an endowment for the Los Rios Colleges Foundation Student Emergency Fund, which will build a sustainable source of funding to provide emergency grants to Los Rios students in their time of greatest need.
“As a not-for-profit organization, Sutter Health reinvests in the communities we serve. We appreciate the opportunity to form strong partnerships that support impactful programs, which help meet our communities’ most pressing needs,” said Keri Thomas, vice president of External Affairs, Sutter Health Valley Area. “Education is one of the foundational pillars to the health of any community. We hope that these Promise scholarships provide the reassurance and spark the inspiration students need to continue pursuing their dreams and reaching for their goals. Students of today will help shape our communities of tomorrow.”
Wells Fargo was the first corporate partner to support this effort, giving $90,000 total over the past two years. Their gifts will fund 80 of the 120 inaugural Promise scholarships this fall, at $500 per student, and another 90 scholarships next year. Their gift will also support an additional $10,000 for the Los Rios Colleges Foundation Student Emergency Fund.
SAFE Credit Union’s gift of $120,000 will be shared between the Los Rios Promise Scholarship, providing 120 student scholarships, as well as supporting students who serve as program assistants at the STEM Center at American River College’s innovative new STEM building under construction. SAFE’s first pledge payment created the Los Rios Promise Endowment, and 10% of all future Promise Scholarship gifts will be invested into the endowment so that funding can support Los Rios students in perpetuity.
VSP Global’s recent gift of $30,000 to the Promise Scholarship will help support 54 students with $500 scholarships and $3,000 contributed to the Los Rios Promise Endowment. Several years ago, VSP Global designed ‘Professional Pathways – with VSP Global,’ a school-to-work/college program in partnership with Los Rios, Cordova High School, Folsom Lake College and the City of Rancho Cordova. The program helps local underserved students successfully transition to a path aligned with their career aspirations following high school.
The cities of Rancho Cordova and West Sacramento have been leaders in this effort, having dedicated local voter-supported tax measures to help residents of their cities with the cost of attending college. In Rancho Cordova, those funds have supported student tuition fees, book vouchers and other mandatory fees. In West Sacramento, the funds have covered tuition and other student fees as part of the city’s West Sacramento Home Run program.
Along with the generous support of corporate partners, the Los Rios Promise effort is supported by a number of individual donors, who are making it possible for the Los Rios Colleges Foundation to award 40 Promise Scholarships in 2019-2020.
About Sutter Health
Sutter Health is more than 60,000 people strong thanks to its integrated network of clinicians, employees and volunteers. Headquartered in Sacramento, Calif., Sutter Health provides access to high quality, affordable care for more than 3 million Northern Californians through its network of hospitals, medical foundations, urgent and walk-in care centers, home health and hospice services. Nearly 14,000 physicians and advanced practice clinicians care for Sutter patients. For more information about the Sutter Health network visit: sutterhealth.org | facebook.com/sutterhealth | youtube.com/sutterhealth | twitter.com/sutterhealth.
About SAFE Credit Union
SAFE Credit Union has made members an integral part of its vision since 1940. Over the years the credit union has kept the focus on what really matters, putting members first, a formula that has seen SAFE grow into a leading financial institution in Northern California with $3 billion in assets and more than 235,000 members. SAFE crafts every cutting-edge product and sterling service with members’ needs foremost in mind. In addition to banking services conveniently available through online, chat, mobile, or phone options, SAFE offers inperson care for members and small businesses at 20 service centers across the Greater Sacramento region and a mortgage lending office serving Contra Costa and Alameda counties. SAFE is a not-for-profit, community-chartered credit union with membership open to businesses and individuals living or working in Sacramento, Placer, Yolo, El Dorado, Sutter, Butte, Nevada, Solano, San Joaquin, Contra Costa, Yuba, Amador, and Alameda counties. SAFE is federally insured by the NCUA. www.safecu.org
About VSP Global
VSP Global® is a doctor-governed company that exists to create value for members and opportunities for VSP network doctors. Our industry-leading businesses include VSP® Vision Care, the only national not-for-profit vision benefits company, which provides access to eye care for 88 million members through a network of over 40,000 doctors worldwide; Marchon® Eyewear Inc., one of the world’s largest designers, manufacturers and distributors of high-quality eyewear and sunwear; VSP Optics, industry leaders in ophthalmic technology and lab services, providing custom lens solutions for the vision and lifestyle needs of patients; Eyefinity®, the industry leader in practice management and electronic health record software; VSP Retail, which focuses on increasing access to eye care and eyewear through multiple channels, and VSP® Ventures, which offers care-focused, customized choices for doctors looking to transition their practice.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 trillion in assets. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investment and mortgage products and services, as well as consumer and commercial finance, through 7,700 locations, more than 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 33 countries and territories to support customers who conduct business in the global economy. With approximately 262,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 29 on Fortune’s 2019 rankings of America’s largest corporations. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.