Everfi and Partners Launch $1.5M Scholarship Initiative to Combat College Affordability Crisis

WASHINGTON, DC – February 09, 2026 – As the dream of higher education slips further out of reach for many American families, education technology leader Everfi and a coalition of nine corporate and nonprofit partners today announced a landmark $1.5 million scholarship initiative. The program aims to directly confront the escalating crisis of college affordability by uniquely pairing financial aid with essential financial literacy education.

The announcement comes at a critical time. The financial barriers to postsecondary education have never been higher, a fact underscored by recent data. In 2024, only 62.8% of recent high school graduates enrolled in college, a significant downturn from previous years, with over half of those opting out citing cost as the primary obstacle. With the average total cost for a single year at a four-year college reaching $38,270 in the 2024-25 academic year—a figure that has ballooned by over 160% in the last two decades—the challenge is clear. This new initiative seeks to provide a tangible pathway forward, connecting classroom learning with real-world financial opportunity.

Beyond Tuition: A Dual Approach to Student Success

This multi-partner effort, which includes commitments from CalKIDS, the Center for Audit Quality, City National Bank, Edward Jones, MassMutual Foundation, OneMain Financial, PenFed Credit Union, Principal Foundation, and Truth Initiative, is designed to be more than just a scholarship fund. It represents a strategic fusion of financial support and practical education, aiming to equip students not only with the funds to attend college but also with the knowledge to manage their finances effectively for a lifetime.

Students typically become eligible for the scholarships by completing specific digital financial education courses provided through Everfi's platform, which is already used in thousands of school districts across the country. These courses cover critical topics such as budgeting, credit fundamentals, saving, and investing. After completing a set number of lessons, students are often invited to submit a short essay reflecting on what they've learned, translating their new knowledge into a compelling case for their future aspirations.

"More than ever, students and families need pathways that translate education into opportunity," said Ray Martinez, CEO of Everfi, in a statement. "We're proud to work with partners that share this vision to reduce opportunity gaps in America." By leveraging its extensive network of over 21,000 schools, the company can deliver these scholarship opportunities at a national scale. Martinez added that Everfi’s established infrastructure “amplifies our partners' reach and impact."

The model moves beyond the traditional scholarship paradigm. It addresses the immediate need for tuition assistance while simultaneously tackling the knowledge gap that can lead to financial distress later in life, such as unmanageable student loan debt or poor credit management. It's a holistic approach built on the premise that true opportunity requires both resources and the wisdom to use them.

A New Era of Public-Private Synergy

The timing of this private-sector initiative is particularly significant as it aligns with a major federal policy shift. The 'Invest America' Act, landmark legislation signed into law in 2025, is set to create a new financial landscape for American children. Beginning July 4, 2026, the act establishes a pilot program that provides a $1,000 federal seed investment in a tax-advantaged account for every child born between 2025 and 2028.

This federal push for early wealth-building creates a powerful synergy with Everfi's program. While the government provides the initial seed capital, initiatives like this one provide the educational framework necessary for young people to understand, manage, and grow those assets. The scholarships reinforce the core message that financial knowledge, when paired with tangible capital, can fundamentally alter life outcomes.

Partners in the initiative see this connection as vital. "Financial literacy education opens doors, but we know that education costs money. These scholarships remove barriers for students who are building both their knowledge and their futures," commented Paola Garcia-Abbo, vice president and head of impact at OneMain Financial. "When we invest in young people this way, we're investing in stronger, more financially capable communities."

By teaching students the principles of saving and investing just as a national program makes those concepts a reality for millions, this public-private alignment represents a powerful model for fostering a new generation of financially empowered citizens.

A Coalition for Change

The strength of the $1.5 million commitment lies in the diversity and collective power of the partners involved. The coalition brings together financial institutions like City National Bank, Edward Jones, and PenFed Credit Union; philanthropic arms such as the MassMutual Foundation and Principal Foundation; and mission-driven organizations like the Center for Audit Quality and Truth Initiative. This broad-based collaboration demonstrates a growing consensus in the corporate world about the importance of investing in educational equity and financial empowerment.

For these organizations, Everfi’s platform provides a turnkey solution, allowing them to efficiently deploy their social responsibility investments and scholarship funds to a massive, targeted audience of students. The significant increase in funding—up from nearly $300,000 in scholarships offered through the network last year—signals a growing momentum and a deepening commitment to this model of impact.

This collaborative approach allows for a scale and reach that would be difficult for any single organization to achieve alone. By pooling resources and leveraging a shared delivery infrastructure, the partners are creating a coordinated effort to address a systemic national problem, setting a new standard for how corporations can work together to drive meaningful social change.

Ultimately, the initiative is built on a foundation proven by extensive research: financial education works. Studies have consistently shown that financial literacy programs have a significant positive impact on both financial knowledge and behaviors, including budgeting, saving, and managing credit. By providing this critical education early, schools and their partners can set students on a path toward long-term financial well-being, helping them navigate the complexities of student loans, credit cards, and investment opportunities that lie ahead. This initiative is not just an investment in college access, but an investment in a more financially stable and prosperous future for all students.