Students at five Chicago Public Schools this week got the news that all their college tuition will be paid for-along with room and board, books, fees and taxes.

Not only are these freshmen, sophomores, juniors and seniors getting the free ride, but also one of their parents or guardians.

The multi-generation scholarship program is being launched by Hope Chicago, the nonprofit led by former Chicago Public Schools CEO Dr. Janice Jackson.

HOPE Chicago has committed to raising $1 billion in support and funding over the next decade-and has raised $40 million already with funding partners that include several corporations, financial institutions, and private family foundations.

Students at the five inaugural schools gathered in gymnasiums across the city to hear the stunning news. 90 percent of kids attending citywide public schools are students of color and 80 percent are low-income.

4,000 students at these five high schools will get their postsecondary educations fully funded: Benito Juarez, Al Raby, Morgan Park, Noble-Johnson College Prep, and Farragut Career Academy.

HOPE Chicago scholarships will cover the full cost of attendance at any of 20 participating 2-and 4-year higher education institutions and industry certification programs.

One of those is the University of Illinois at Urbana-Champaign. Its chancellor, Robert J. Jones, said his school is excited to be a partner. "This is some of the best news I have heard in this space for years and this is a transformational moment for so many Chicago families."

With its $1 billion goal, HOPE Chicago vows to provide scholarships for 24,000 students and more than 6,000 parents/guardians through its two-generation model, which is expected to increase the likelihood of students actually completing and graduating. A survey showed that only 27 percent of Chicago Public School students earn their degree, after 63% enroll.

Launched in fall 2021, Hope Chicago says they used census data, as well as their college enrollment and completion statistics to help identify neighborhoods and schools that need a boost. Each year, they hope to add more schools.

Watch the moment students learned of the surprise - and read more details below… (NOTE: Outside the USA, view the Steve Hartman video here, on CBS)

Through investments of more than $20 million by The Kadens Family Foundation and HOPE Chicago Co-Founder, Ted Koenig, the nonprofit's operational and administrative costs are fully funded for the next three years so that every dollar raised will go directly to the scholarship fund and back to students.

"A scholarship program of this magnitude has never been done before, but we are betting big on Chicago's families most in need. With that in mind, it's our goal that HOPE Chicago will positively disrupt the post-secondary education system and serve as a potential model for the nation," said Pete Kadens, Co-Founder and Chairman of HOPE Chicago

A Chicago Tribune reporter, who talked to excited students and parents, wrote that enrolled students will also get a laptop and a small annual stipend to cover other necessities-as well as "wraparound support such as academic advising, mentoring, tutoring and various workshops" from their first day at school until the end.

SHARE the Chicago Good News With Friends Who Need Hope on Social Media…