C-CAP Selects T. Rowe Price For New College-Savings & Financial Education Programs

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Nov 16, 2021, 13:45 ET

NEW YORK, Nov. 16, 2021 /PRNewswire/ -- Today, Careers through Culinary Arts Program (C-CAP) announced a broad partnership with T. Rowe Price to open 529 accounts within the Maryland Senator Edward J. Kasemeyer College Investment Plan, the T. Rowe Price College Savings Plan, and Alaska 529. This partnership will highlight a financial education program for both C-CAP's 2021 cash scholarship awardees, and its 20,000 students who are C-CAP students annually.

C-CAP students are put on a pathway to success via apprenticeships and jobs in the food industry as well as through higher-education scholarships.

Awarding cash scholarships for higher education tuition has been at the core of C-CAP's programming since its inception 31 years ago. Annually, C-CAP hosts cooking competitions for high-school students in each of its core markets: Arizona, Chicago, D.C., Maryland, Los Angeles, New York City, New Jersey (Newark and Camden), and Philadelphia with the prizes provided via cash and in-kind tuition scholarships. Over the years, C-CAP has awarded $64 million in scholarships to thousands of well-deserving youth. In 2021, despite the pandemic, more than 100 students were awarded $2.3 million in scholarships and award money to higher education.

To empower C-CAP cash scholarship awardees, we have for the first time partnered with a renowned financial institution to open 529 college-saving accounts. This will enable our under-served students to invest using these tax-advantaged accounts, and use the funds for any higher-education expenses, culinary or otherwise. These accounts will be owned and controlled by the students receiving the funds, empowering them with hands-on experience to help build their financial independence. In conjunction with this program, these students, and indeed all C-CAP students, will have the opportunity to receive robust virtual financial literacy training from the expert team at T. Rowe Price.

"We are thrilled that we are able to invest in our highly deserving students with funding and college-savings accounts, especially given they will receive exceptional financial education training from the experts at T. Rowe Price," said C-CAP's Executive Director Tanya Steel.

"We believe in the critical mission of helping young adults achieve financial independence," says Phil Korenman, Head of Individual Investors. "At T. Rowe Price we remain committed to delivering the tools and resources to enable important financial and investment decisions. We are thrilled to partner with C-CAP to deliver our college savings plans products and expertise to help aid in their education savings journey."

About C-CAP

Long co-chaired by chef Marcus Samuelsson, Careers through Culinary Arts Program (C-CAP) is an education and workforce development nonprofit that provides underserved teens a pathway to success through scholarships, apprenticeships, and jobs in the food sector.

Annually, C-CAP provides culinary, job and life skills to over 20,000 middle-and-high school students in nine cities/regions across the United States: New York City, Newark, Philadelphia, Camden, Chicago, Los Angeles, Washington DC, Maryland and Arizona, including seven Navajo Reservation schools.

This 31-year-old nonprofit founded by Richard Grausman strives to help further food and social justice, as well as equity and inclusion by providing tools for job success. Starting in middle schools, we provide culinary-and-wellness curriculum, and in high schools also provide an integrated approach to employment in the food sector via internships/apprenticeships, job shadows, mentorship, work opportunities, college and career advising, and higher-education scholarships, along with product and food donations.

The success of our alumni—from winery CEOs to chef-owner restaurateurs—is proof of our methodology. To date, we have worked with 350,000 students and awarded $64 million in scholarships. C-CAP has transformed thousands of lives in a meaningful way. The urgency to help these diverse communities has never been more critical. For more information, go to https://ccapinc.org.

About T. Rowe Price

Founded in 1937, Baltimore-based T. Rowe Price Group, Inc. is a global investment management organization with $1.68 trillion in assets under management as of August 31, 2021. The organization provides a broad array of mutual funds, subadvisory services, and separate account management for individual and institutional investors, retirement plans, and financial intermediaries. The company also offers a variety of sophisticated investment planning and guidance tools. T. Rowe Price's disciplined, risk-aware investment approach focuses on diversification, style consistency, and fundamental research. For more information, visit troweprice.com or our Twitter, YouTube, LinkedIn, Instagram, and Facebook sites.

SOURCE C-Cap