CVS Health Foundation Establishes $5 Million College Scholarship for Black and Latinx Students Pursuing Health Care Careers

Collaboration with UNCF is part of CVS Health's commitment to social justice and racial equity

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Jan 28, 2021, 08:30 ET

WOONSOCKET, R.I., Jan. 28, 2021 /PRNewswire/ -- The CVS Health Foundation today announced it has established a five-year, $5 million CVS Health Foundation Health Care Careers Scholarship program, in collaboration with UNCF (United Negro College Fund). Scholarships will be awarded to Black and Latinx students pursuing an academic career in health care. The new scholarship program is part of CVS Health's nearly $600 million commitment over the next five years to address inequity faced by Black people and other disenfranchised communities.

"This scholarship will feed a robust pipeline of under-represented students, which will in turn strengthen the pool of talented college graduates ready for today's and tomorrow's workplace," said David Casey, Senior Vice President and Chief Diversity Officer, CVS Health. "Enabling students to excel in the workforce—particularly people of color and those facing financial barriers—advances our commitment to social justice and equity and will have a lasting impact."

The CVS Health Foundation Health Care Careers Scholarship is being launched in collaboration with UNCF, the nation's largest minority education organization supporting students' education and development through scholarships and advocacy for minority education and college readiness. According to a report by UNCF's Frederick D. Patterson Research Institute, students who receive a UNCF scholarship outperform the national population of students in persistence through college and to graduation. In fact, 70% of African American freshmen who received a UNCF general scholarship graduated within six years, compared to only 38% of all African American students nationwide.

"This is an incredibly generous gift from the CVS Health Foundation," said Dr. Michael L. Lomax, UNCF's president and CEO. "We know that African American, Latinx and other minority communities have been disproportionately impacted by the current pandemic. It's particularly important right now to welcome as many students of color as we can into the health care field. The ripple effect of COVID-19 has the potential to discourage students from pursuing a college education and may prevent others from continuing their education. Recognizing these facts, the CVS Health Foundation is providing a pathway for successful applicants to continue on their journey to attain a college degree and become our next generation of pandemic frontliners."

Black and Latinx students attending an accredited four-year college or university in the United States with an interest in pursuing a career in the health care sector are eligible to apply for the need-based awards. Eligible areas of study will bolster the health care innovation talent pipeline, with majors including pharmacy, nursing, business management, biology, biochemistry, finance, operations/supply chain, data analytics, information technology, actuary and human resources. The two-year scholarships will support students in their junior and senior years as they complete their studies.

"Working with UNCF, the CVS Health Foundation is supporting a best-in-class model for moving students to and through college," said Eileen Howard Boone, Senior Vice President, Corporate Social Responsibility and Philanthropy, CVS Health and President of the CVS Health Foundation. "UNCF has an impressive track record of impacting minority education and improving graduation rates for students, while making a meaningful difference in the lives of selected scholars."

UNCF will accept applications for the CVS Health Foundation Health Care Career Scholarship from February 1 through April 1, 2021. For more information and to apply visit: https://uncf.org/scholarships

About the CVS Health Foundation
The CVS Health Foundation is a private charitable organization created by CVS Health that works to build healthier communities, enabling people of all ages to lead healthy, productive lives. The Foundation provides strategic investments to nonprofits throughout the U.S. who help increase community-based access to health care for underserved populations, create innovative approaches to chronic disease management and provide tobacco cessation and youth prevention programming. We also invest in scholarship programs that open the pathways to careers in pharmacy to support the academic aspirations of the best and brightest talent in the industry. Our philanthropy also extends to supporting our colleagues' spirit of volunteerism through Volunteer Challenge Grants to nonprofits where they donate their time and fundraising efforts. To learn more about the CVS Health Foundation and its giving, visit www.cvshealth.com/social-responsibility.

About UNCF
UNCF (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, supports and strengthens its 37 member colleges and universities, and advocates for the importance of minority education and college readiness. UNCF institutions and other historically Black colleges and universities are highly effective, awarding nearly 20% 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 1,100 colleges and universities across the country. Its logo features the UNCF torch of leadership in education and its widely recognized trademark, ‟A mind is a terrible thing to waste."^® Learn more at UNCF.org or for continuous updates and news, follow UNCF on Twitter at @UNCF.

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Monique LeNoir
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SOURCE CVS Health