Allstate and The Tom Joyner Foundation Partnering to Raise $150,000 for Historically Black Colleges and Universities

NORTHBROOK, Ill., Aug. 5, 2013 /PRNewswire/ -- Allstate and The Tom Joyner Foundation are working together to engage students, alumni and supporters of Historically Black Colleges and Universities (HBCUs) across the country to raise scholarship funds as part of the fifth annual Allstate Quotes for Education program.

For every person who receives an insurance quote from a participating Allstate agent and mentions Quotes for Education between August 1 and Nov. 30, 2013, Allstate will donate $10, up to a total donation of $150,000. The funds will be donated to The Tom Joyner Foundation and earmarked for general scholarship funds to assist students attending HBCUs.

For the second year, participants in this program will also have a chance to vote for the HBCU of their choice to receive an additional $50,000 donation for scholarships. In 2012, Lincoln University of Missouri won the inaugural competition and distributed scholarship funds to 25 students.

"We know that cuts to student loan programs over the past few years are hurting students all over the country, but these cuts are particularly detrimental to students attending HBCUs," said Cheryl Harris, senior vice president at Allstate. "Allstate and The Tom Joyner Foundation are passionate about helping these students pursue their dreams as we continue to support programs like Quotes for Education." 

Over the past year, changes to federal student loan policies have made it more difficult for parents to obtain loans. According to a Washington Post analysis, the overall dollar volume of federal loans approved for parents in the 2012-13 school year fell 11 percent from the previous year. At HBCUs, where a greater percentage of students rely on parent loans, the volume fell 36 percent. This drop in funding translated to a loss of more than $150 million and forced an estimated 28,000 students to drop out of school due to lack of funds.

"As soon as I heard about this scholarship I knew it was something I had to be a part of," said Aaron Marshall, a student at Lincoln University studying computer science. "This scholarship is an opportunity to work towards my goals and put me in a position to be successful in the future."

When students have difficulty obtaining financing, a ripple effect extends to HBCUs due to a drop in enrollment and declining revenue. From the 2011-12 to 2012-13 school year, there was a 47 percent drop in the number of parents borrowing to support HBCU students, compared to a 19 percent drop nationally. This forces HBCUs to find other sources of financing for students or to slash their budgets, which has been reflected by the number of HBCUs facing financial difficulty over the past few years.

This marks the third year that Allstate has partnered with The Tom Joyner Foundation for the Quotes for Education program. Additionally, for the past nine years, Allstate has title-sponsored the Allstate Tom Joyner Family Reunion. Both programs are part of Allstate's year-round commitment to create, support and sponsor programs that empower the African-American community.

"HBCUs are part of my DNA, and my foundation is dedicated to helping students complete their college degrees," said Tom Joyner, chairman and founder of the 15-year-old foundation. "Every dollar raised will go a long way to invest in these students' dreams – and careers."

To participate in the Quotes for Education program, HBCU supporters should visit www.allstate.com/represent to find a nearby participating agent or receive a quote online.

About Allstate
The Allstate Corporation (NYSE: ALL) is the nation's largest publicly held personal lines insurer, serving approximately 16 million households through its Allstate, Encompass, Esurance and Answer Financial brand names and Allstate Financial business segment. Allstate branded insurance products (auto, home, life and retirement) and services are offered through Allstate agencies, independent agencies, and Allstate exclusive financial representatives, as well as via www.allstate.com, www.allstate.com/financial and 1-800 Allstate^®, and are widely known through the slogan "You're In Good Hands With Allstate^®." As part of Allstate's commitment to strengthen local communities, The Allstate Foundation, Allstate employees, agency owners and the corporation provided $29 million in 2012 to thousands of nonprofit organizations and important causes across the United States.

About The Tom Joyner Foundation
The Tom Joyner Foundation's primary mission is helping to keep students enrolled in Historically Black Colleges & Universities (HBCUs.) Since 1998, the foundation, chaired by nationally syndicated radio personality Tom Joyner, has raised more than $60 million to help keep students enrolled in black colleges, has assisted more than 14,000 students and worked with more than 100 HBCUs. Throughout the week, the Foundation announces scholarship winners on the nationally syndicated radio show hosted by its founder, Tom Joyner. Each week, separate financial awards are focused on students who are single parents and distinguished male students at each 'School of the Month'. The organization's largest annual fundraiser is its "Fantastic Voyage"™, which is a seven-day, six-night cruise that has raised millions of dollars to help keep students in school.

SOURCE Allstate Insurance