Student Economists Prepare To Impress The Fed

NEW YORK, Jan. 26 /PRNewswire-FirstCall/ -- High school students around the country will earn up to $7,000 in college scholarships in the eleventh year of The Fed Challenge, a national high school economics competition sponsored by eight Reserve Banks and Branches in the Federal Reserve System. The Student Loan Corporation, a Citibank subsidiary that provides a full range of educational financing products to consumers and private label programs to other lenders, announced today that it will be once again the sole provider of cash scholarships, awards and grants for The Fed Challenge. A total of $215,000 will be awarded.

In The Fed Challenge, student teams work together to analyze factors influencing the U.S. economy and develop presentations explaining their monetary policy recommendations before current members of the Federal Open Market Committee (FOMC). These teams compete first at local and Federal Reserve District or Branch levels in late winter and early spring. District winners then advance to The Fed Challenge national semi-final and final rounds of competition held in Washington, DC in May.

"We're pleased to offer our continued support of The Fed Challenge with these Citibank scholarships, awards, and grants. This competition is a demonstration of the highest level of financial education from high school students," said Michael Reardon, CEO of The Student Loan Corporation. "The students' understanding of economics helps them manage their personal finances, and, in many cases, enables them to influence factors that determine their long-term success, both in business and in life."

Cash scholarships, awards and grants totaling $215,000 will be awarded by the Student Loan Corporation, with $175,000 divided among the Semi-Finalists, Finalists and the Champion Team. The Champion Team will receive $50,000: students will earn Citibank scholarships of up to $7,000, their faculty advisor will receive a Citibank award of up to $5,000, and their school will receive a $10,000 Citibank grant to establish and/or equip an economics lab. Since the inception of the competition, Citibank has awarded over $1 million to help students attend the school of their choice and high schools prepare the leaders of tomorrow.

This year, for the first time, schools whose teams are first runners-up at the District level will win Citibank's District Runner-Up Prize. Checks for $2,500 will be paid to each school to further the teaching of economics for all their students. All recipients will receive awards based solely on their performance in this competition. In addition, Citibank will also offer a special Novice Team Award (up to $2,000 in each participating District or Branch) to encourage schools that have either never advanced beyond the first round of competition, or have never participated in The Fed Challenge. Details about the Novice Award program are available from each participating Federal Reserve District Bank or Branch.

The Fed Challenge is part of Citigroup's commitment to Financial Education. Recently, Citigroup and the Citigroup Foundation announced a 10- year, $200 million global financial education commitment, the formation of a new Office of Financial Education and a global initiative designed to encourage its 300,000 employees around the world to devote time to support financial education and other charitable causes. Under the new initiative, employees may take a day off from work to volunteer for non-profit organizations in their communities.

Free Information Available

Interested teachers, students, and high school administrators can get complete information about The Fed Challenge and learn if the Federal Reserve Bank or Branch in their area participates by calling 1-877-FED-CHLG. High school teams can then register for the competition through their local Federal Reserve Bank or Branch. Registration deadlines vary according to each Federal Reserve District or Branch.

About Citibank

Citibank, N.A. is a member of Citigroup , the preeminent global financial services company with some 200 million customer accounts in more than 100 countries. Citigroup provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage, and asset management. Major brand names under Citigroup's trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Travelers Life and Annuity. Additional information may be found at: http://www.citigroup.com/.

The Student Loan Corporation is one of the nation's leading originators and holders of student loans providing a full range of education financing products and services to meet the needs of students, parents, schools and other Lenders. The company was previously a division of Citibank and became a NYSE-listed corporation in 1992. Citibank, N.A. is the majority shareholder. Citibank was one of the first banks to finance higher education, beginning in 1958. Today, The Student Loan Corporation serves over 2 million customers, over 3,000 schools, and lenders nationwide.

For information or inquiries regarding student loans, please call 1-800-967-2400. Customers with Telecommunication Devices for the Deaf (TDD) may call 1-800-846-1298. College planning and financing information is also available at http://www.studentloan.com/.