The Kalamazoo Promise

Kalamazoo is a small city in the southwest area of the U.S. state of Michigan. As of the 2000 census, the city had a total population of 77,145. Recently the city made big news with the Kalamazoo Promise. Basically a group of philanthropists got together and wanted to do something for the city, and they put together a fund that will pay for the complete 4 years of college tuition (100-65%) of every kid who has studied in one of the Kalamazoo public schools (provided they study in any of the colleges or Universities in Michigan) for years to come!! They plan to make it the education city.

People from all parts of the country are moving to the city to make the most of this opportunity. The city has seen a 0 to $10 million investment in 45 days! I think, what these people have managed to do is phenomenal! This will ensure that all students from Kalamazoo get quality education at no cost. A stat. from my finance class, the inflation in University costs is 400%, when the average of the rest of the country is close to 4%!! This fund is big enough to support tuition costs of students for years to come (according to one of my friends, as long as 35 years!!).

One fund, placed so strategically, will change the fortune of the city forever. I would love to do something like this when I grow up.

To learn more about it, check:

http://abcnews.go.com/Video/playerIndex?id=2402365

http://www.kalamazoopublicschools.com/education/dept/dept.php?sectiondetailid=10657&sc_id=1131662979