675 Students to Share in More Than $3.3 Million in Verizon Scholarships

NEW YORK – Paying for college just got easier for 675 college students who are children and dependents of Verizon employees. Each student will receive a Verizon scholarship of $5,000 per academic year.

Verizon’s scholarship program selects recipients based on financial need, academic achievement and extracurricular activities. The scholarships are for students who plan to attend an accredited four-year institution in the fall. Each scholarship is renewable for three years and has a total value of $20,000. For the 2010-2011 academic year, the Verizon Foundation will provide a total of more than $3.3 million for the scholarships.

Since 2001, the scholarship program has invested more than $39 million toward the college education of children and dependents of Verizon employees, benefitting 2,253 students.

“Education is a key issue for Verizon and our communities,” said Verizon Foundation President Patrick Gaston. “Through this scholarship program, Verizon provides a tremendous benefit to our Verizon employees while also making a significant investment in the development of future leaders.”

The Verizon Foundation awards the scholarships in partnership with Scholarship America, the nation’s largest nonprofit, private sector scholarship and educational support organization, which was founded in 1958.

Verizon is clearly committed to helping students succeed through education,” said Donald Lassere, senior vice president, Scholarship America. “With the skyrocketing cost of tuition, coupled with our struggling economy, generous renewable scholarships have never been more needed by students. Scholarship America is proud to administer the Verizon scholarship program.”

A list of the Verizon scholars for 2010 is available on the Verizon Foundation website at http://foundation.verizon.com/about/press/scholstudents10.shtml.

About

The Verizon Foundation, the philanthropic arm of Verizon Communications, supports the advancement of literacy and K-12 education through its free educational website, Verizon Thinkfinity, and fosters awareness and prevention of domestic violence. In 2009, the Verizon Foundation awarded $67.9 million in grants to nonprofit agencies in the U.S. and abroad. It also matched the charitable donations of Verizon employees and retirees, resulting in $26.1 million in combined contributions to nonprofits. Through Verizon Volunteers, one of the nation’s largest employee volunteer programs, Verizon employees and retirees have volunteered more than 5 million hours of community service since 2000. For more information on the foundation, visit www.verizonfoundation.org.

Verizon Communications Inc. (NYSE, NASDAQ:VZ), headquartered in New York, is a global leader in delivering broadband and other wireless and wireline communications services to mass market, business, government and wholesale customers. Verizon Wireless operates America's most reliable wireless network, serving nearly 93 million customers nationwide. Verizon also provides converged communications, information and entertainment services over America's most advanced fiber-optic network, and delivers innovative, seamless business solutions to customers around the world. A Dow 30 company, Verizon employs a diverse workforce of more than 217,000 and last year generated consolidated revenues of more than $107 billion. For more information, visit www.verizon.com.

Media Contacts

Brian C. Malina, Verizon
Brian.c.malina@verizon.com
908-559-6434