YES theyll grow
HOUSTON CHRONICLE
YES Prep a remarkable chain of charter schools in Houston has shown astounding success at propelling minority and economically disadvantaged kids into college. Most of YES sixth-graders enter at least a year below grade level in math and English.
But the school gives them everything they need to catch up and sail ahead: longer school days and years; weekends spent doing volunteer work; excellent highly dedicated teachers; and a school culture that values academic achievement.
Its a point of pride that for nine consecutive years 100 of YES graduating seniors have been accepted into four-year colleges colleges that include Harvard Yale Columbia Rice and Stanford.
We need more middle and high schools like that.
And we need them as soon as possible: Right now YES seven schools serve 3500 kids but 6000 more languish on its waiting lists.
Thats why a recent deal strikes us as a terrific use of economic stimulus money.
Motivated in part by a new federal tax credit that encourages lending to build charter schools Capitol One Bank is underwriting $22.1 million in bonds. With that money YES will build and renovate buildings to open three new schools.
The best part? YES will effectively pay less than 1 per year in interest. We repeat: less than 1 not the 6.5 that without the federal tax credit a bank would otherwise have offered.
Over 15 years the deal will save YES a whopping $28 million in interest money that will
go directly into educating more kids.
Usually when we think about stimulus spending we feel queasy about the national debt. But this particular tax credit is a stellar long-term investment.
Those three new schools full of hardworking college-bound kids are bound to pay dividends.
