Private Equity Banker Pays Off Tuition For 50 Spelman College Students
Frank Baker and wife, Laura Day Baker, invested $250,000 fund 50
high-achieving Spelman students who have tuition balances and need
financial support to graduate — and they plan to do it again for the next
3 years until they have invested $1,000,000 in student’s education.
“We are all aware of the headwinds that people of color — especially
women — face in our country, the challenges of which are made even
more apparent by the economic and health impact of the COVID-19
pandemic,” Frank and Laura Day Baker said in a statement.
women — face in our country, the challenges of which are made even
more apparent by the economic and health impact of the COVID-19
pandemic,” Frank and Laura Day Baker said in a statement.
Ms. Baker is an interior designer and philanthropist. Mr. Baker started
his career in Wall Street in the Goldman Sachs mergers and acquisitions
division in 1994.
his career in Wall Street in the Goldman Sachs mergers and acquisitions
division in 1994.
He found success by starting a private equity firm that invests in technology businesses. He is now the co-founder and managing partner of Siris Company, a venture equity group.
Baker wanted to support highly qualified Spelman students who could not
manage to cross the finish line and graduate. Baker had been negotiating
the creation of a program with Spelman’s board of trustees but expanded
his efforts after the pandemic struck when he received a call from
Spelman a week ago.
manage to cross the finish line and graduate. Baker had been negotiating
the creation of a program with Spelman’s board of trustees but expanded
his efforts after the pandemic struck when he received a call from
Spelman a week ago.
About 50 students needed help walking the stage.
“The people who my heart really goes out to are women in their senior
year who can’t afford it anymore and have to drop out,” says Baker.
year who can’t afford it anymore and have to drop out,” says Baker.
“These are the most resilient people because if they run out of money
their senior year, you know they were out of money their sophomore year
and just made it work.”
their senior year, you know they were out of money their sophomore year
and just made it work.”
This donation comes a year after Baker’s dear friend, Robert Smith, paid
the graduating seniors at Morehouse College student loan debts off.
the graduating seniors at Morehouse College student loan debts off.
“These are the women we need in the workforce,” says Baker. “They
are going to make a difference.”
are going to make a difference.”
