Press Releases

August 9, 2012

Contact: Katie Tran-Lam
Director of Communications & Marketing
Asian & Pacific Islander American Scholarship Fund
202-747-7236
ktranlam@apiasf.org

Asian & Pacific Islander American Scholarship Fund Announces $500,000 Gift from Wells Fargo to Support Increased College Access and Completion

WASHINGTON, D.C. (July 9, 2012) - The Asian & Pacific Islander American Scholarship Fund (APIASF), the nation's largest provider of college scholarships for underserved Asian American and Pacific Islander (AAPI) students, announced a $500,000 gift from Wells Fargo & Company to help increase college access and completion. The funding will help provide direct scholarship support to help reduce financial barriers to higher education, support for national convenings to raise awareness of the needs of AAPI students and student programs and services to support college completion.

"The success of the AAPI community is incredibly important to Wells Fargo," said Michelle Scales, Director of Diverse Segments at Wells Fargo. "Through our collaboration with APIASF, we have been able to make a significant difference in the lives of hundreds of underprivileged students across the country. Providing this critical access to higher education is the key to creating long-term economic growth and quality of life in the AAPI community."

Contrary to many misperceptions, a 2011 report produced through a partnership with APIASF and the National Commission on Asian American and Pacific Islander Research in Education (CARE) showed that the AAPI community experiences some of the lowest rates of educational attainment with some sub-populations having nearly 50 percent or more of adults who have never attended college. Additionally, nearly 50 percent of AAPI students enrolled in higher education are attending community colleges. Since 2003, Wells Fargo has donated more than $2 million to APIASF to address the critical needs of the AAPI community and support the success of future leaders.

"The increasing costs of college combined with social and historical barriers have prevented many of our students from even starting college," said Neil Horikoshi, APIASF President & Executive Director. "The support of Wells Fargo comes at an important time for our organization and gives us the opportunity to scale up our programs and services to have an even stronger impact in the community. With this additional support, APIASF will be able to continue our efforts to ensure that all AAPI students have the opportunity to pursue higher education."

Since 2003, APIASF has distributed more than $60 million in college scholarships to students across the country and in the U.S. Territories and Freely Associated States. APIASF's vision is to see that all AAPI students have access to higher education and the resources they need to achieve academic, personal and professional success.

About APIASF
Based in Washington, D.C., the Asian & Pacific Islander American Scholarship Fund (APIASF) is the nation's largest non-profit organization devoted to providing college scholarships for Asian Americans and Pacific Islanders (AAPI). APIASF works to create opportunities for students to access, complete, and succeed after post-secondary education; thereby developing future leaders who will excel in their career, serve as role models in their communities, and will ultimately contribute to a vibrant America. Since 2003, APIASF has distributed more than $60 million in scholarships to deserving AAPI students. APIASF manages two scholarship programs: APIASF's general scholarship and the Gates Millennium Scholars/Asian Pacific Islander Americans funded by a grant from the Bill & Melinda Gates Foundation.

About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.3 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com), and has offices in more than 35 countries to support the bank's customers who conduct business in the global economy. With approximately 265,000 full-time equivalent team members, Wells Fargo serves one in three households in United States. Wells Fargo & Company was ranked No. 26 on Fortune's 2012 rankings of America's largest corporations. Wells Fargo's vision is to satisfy all our customers' financial needs and help them succeed financially.