This year’s Paul Quinn College graduate received a gift from Alfred Street Baptist Church in the form of a $ 250,000 investment fund, the college said in a press release. Rev. Howard-John Wesley, senior pastor of a church based in Alexandria, Virginia, made an unexpected announcement at the opening of Paul Quinn on Saturday.
“This graduating class has spent at least half of its career in college amid a global pandemic, enduring tremendous stress and hardship,” Wesley said. “We know what impact this has had on our mental and physical health, and especially what impact it has had on the black community. These resilient students deserve to be celebrated as one of a kind. ”
College officials said the money will be transferred to a trust fund that will be managed by JPMorgan Chase until it is paid to graduates in 10 years. Hopefully the value of the fund will increase over time with additional contributions.
“In doing so, we make available the type of capital management / construction tool that is not normally available to first-generation college graduates and Pell grant recipients,” College President Michael Sorel said in a release. “The number one tool in the fight against poverty is access to capital. Together, Alfred Street and Paul Quinn are working to ensure that the PQC class in 2022 begins its life after college with the right foot. ”