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

C-CAP Students cooking
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.

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.
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.- ADVERTISEMENT –

“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.”