Paying for college: The Northwestern Academy

Last year, the University of Chicago announced the UChicago Promise, an initiative to prepare Chicago Public Schools students for competitive college applications. This year, Northwestern University has announced a similar program, the Northwestern Academy.

It’s terrific. NU will work with 200 students at CPS schools that are NOT part of the selective enrollment elite. The students will receive academic enrichment and advising services to help prepare them for college, and not necessarily NU.

NU also announced the $3.6 million Sacks Family Scholarship Fund for Chicago Public Schools students who attend NU. It will provide scholarships large enough to eliminate any student loans these people might otherwise have. The university already waives application fees for CPS students and offers special scholarship programs for those who are accepted.

These programs address two key issues: guidance on college applications and financial aid. Although most CPS students would qualify for generous financial aid at Northwestern anyway (87% of students are from low-income families), the reassurance matters a lot to families that don’t know how college works.

Make sure that any people in your life who could benefit know about this.

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I teach and write about finance. I’m the author of four books in Wiley’s …For Dummies series, a fintech content expert, and an avid traveler. Among other things.

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