President Obama Donated The Majority Of His $1.4 Million Nobel Prize Winnings To Organizations Helping Economically Disadvantaged Students

President Obama Donates Nobel Prize Winnings

President Obama

President Obama's Nobel Prize winnings are not going into his pocket, his savings account, or towards some new summer clothes. They’re going to help city kids, including a number from New York, get into college. Most of the $1.4 million is being given to non-profit organizations that help get kids into and through college.

The money--and the organizations--targets kids who are economically disadvantaged and might not normally have the support to attend a four-year college. Groups receiving money include College Summit, a national organization partnered with 46 New York City high schools; and the Posse Foundation, which sends kids in groups (“posses”) to top colleges so they can support each other.

College Summit And Posse Foundation

Having a strong network has been shown to make it less likely that students will drop out. The Posse Foundation received a $125,000 check from the Nobel Prize winnings. Manhattan schools that partner with College Summit include Central Park East High School; the Richard R. Green High School of Teaching; The Urban Assembly School for Business and Young Women; and The High School for Law, Advocacy, and Community Justice.

High schools in the Bronx, Brooklyn, and Queens were also included. As part of the College Summit Program, students sometimes take classes that help them understand the nuts and bolts of college, including why it’s important and how they can make college a realistic goal. Organizations like these are desperately in need of money in this era of economic downturn. In addition, there’s the “wow” factor for these students: Being able to say that, even indirectly, President Obama helped send them to college.