Andover ABC Loan Reduction Scholarship Program
Dear ABC Community,
ABC of Andover is proud to announce its newly established partnership with "The Andover ABC Loan Reduction Scholarship Program,” founded by longtime community supporters Reed and Louise Valleau.
ABC's mission to promote education equity is inextricably tied to our nation's overarching challenges for reducing the racial wealth gap. At the intersection of education, student debt, and inequality is a story of a pervasive struggle for BIPOC students, with staggering debt disproportionately impeding their long-term financial stability and upward mobility.
Differences in intergenerational wealth, along with the devastating effects of historic discrimination and the endurance of systemic racism, impact debt management and, thus, wealth accumulation. Lifelong burdens from loan payments and debt defaults are at crisis levels for Americans of color.
Recognizing the urgency of these endemic hurdles, longtime ABC of Andover supporters Reed and Louise Valleau (former board members and host parents) have stepped up with a bold initiative, establishing an innovative scholarship fund administered by the Essex County Community Foundation. Any ABC of Andover Scholar who will be attending an undergraduate or master's degree program in the coming year with a financial aid package that includes student loans is eligible to apply for scholarship funds.
This past spring, the first scholarships were awarded to four ABC of Andover Scholars currently enrolled in college. Thanks to the Valleau’s generosity, the amount of debt these Scholars would have taken on during their college years was reduced significantly!
We at ABC of Andover are grateful to Reed and Louise and many other outstanding community members who partner with Andover's ABC Scholars to help open doors and eliminate barriers to future leadership.
“The world is before you and you need not take it or leave it as it was when you came in.”
Warm regards,
Bonnie Zahorik
President, ABC of Andover
ABCAndover.org
