The program will further the IAC Fellows mission to reduce barriers to opportunity in the workplace and provide fully-immersive internship experiences by mitigating external pressures

NEW YORK, June 4, 2024—IAC announced today the launch of the Hardship Relief Fund for its award-winning IAC Fellows immersive education program dedicated to empowering the next generation of leaders from underrepresented communities. The new fund, which will grant eligible applicants with emergency cash grants up to $10,000, aims to serve Fellows who face unexpected and severe hardships–such as emergency medical situations, disasters or sudden job loss in their family–in an accessible, responsive, and confidential way. 

“We believe students like our Fellows deserve to have quality education and internship experiences uncompromised by financial pressures,” said Suzanne Kennedy, Director of the Office of the Chairman and Head of Philanthropic Giving for IAC. “They should be able to focus on learning without worrying about covering rent, bills, or groceries for themselves or their families.”

A significant portion of college students, especially those from underrepresented communities, face financial pressures that pose a risk to their academic success. According to data from GradGuard’s 2022 College Confidence Index, more than half (53%) of college students stated that they would not be able to afford the cost of an extra semester if they had to take a leave of absence due to a medical emergency, and 44% say they might consider withdrawing due to a current financial situation. This new initiative furthers IAC’s goal of breaking barriers to opportunity in the workplace, so that any student regardless of socioeconomic background can see themselves as a leader at a company like IAC and can make that future a reality.

“This grant has been a beacon of hope during a tumultuous period in my academic journey,” said a 2024 IAC Fellow Hardship Relief Fund recipient. “Because of this crucial support, I was able to complete my semester with my full focus on my studies, unburdened by the weight of financial stress. This fund not only alleviated immediate financial concerns but also empowered me to perform to the best of my abilities, ensuring that my academic progress remained uninterrupted.”

Launched in 2019, IAC Fellows stands apart from traditional internship programs using IAC’s unique business model to allow Fellows to explore their passions and professional aspirations while receiving access to financial resources and career building experiences. Once accepted into the program, IAC Fellows are encouraged to participate year after year for up to four years, rotating across IAC brands and internships. Upon graduation from the program, should a Fellow take a full-time role at IAC or any of its brands, the employer will pay off all their student debt following several years of employment.

Highlights of the program’s impact since its inception include:

• 74 students have participated in the program since it launched–almost entirely made up of students from local NYC neighborhoods
• 3 students have been hired full time at IAC businesses upon completing the program
• Following the 2023 program, 100% of Fellows stated they would recommend the IAC Fellows program to a friend, and 100% of managers said they would recommend their Fellow for future employment
• IAC Fellows saw a 140% increase in applications YoY and 260% increase in applications upon formalizing the application process in 2021

“SEO commends IAC for their commitment to bolstering students' educational paths through the IAC Fellows, IAC Scholarship program, and now their latest addition, the Hardship Relief Program,” said William Goodloe, President and CEO of SEO. “Many SEO students have directly benefited from the transformative impact of IAC’s philanthropic efforts, and this new initiative is yet another testament to IAC’s unwavering support for students' academic success, allowing them to learn without the burden of financial worries. SEO is proud to be a longstanding IAC partner and to witness firsthand its ongoing dedication to nurturing young minds.”

For more information about the program, please visit www.iacfellows.org.

About IAC

IAC (NASDAQ: IAC) builds companies. We are guided by curiosity, a questioning of the status quo, and a desire to invent or acquire new products and brands. From the single seed that started as IAC over two decades ago have emerged 11 public companies and generations of exceptional leaders. We will always evolve, but our basic principles of financially disciplined opportunism will never change. IAC is today comprised of category leading businesses including Angi Inc. (NASDAQ: ANGI), Dotdash Meredith and Care.com, among many others ranging from early stage to established businesses. IAC is headquartered in New York City with business locations worldwide.