All State Insurance company has teamed up with the non-profit organization New Futuro in an initiative to help Latino students prepare for college. The move was announced in a press release earlier today.

The Chicago-based startup will use profits from All State to donate close to $15,000 in scholarship money for Latino high school students in the area that will be awarded at free college-prep training sessions. The sessions will include tips on everything from writing essays and taking entrance exams to helping students figure out how to pay for their post-secondary education, and culminate in a summit on Nov. 12 at the University of Illinois Chicago. Guest speakers lined up for the summit include news anchor Paula Gomez and best selling author Robert Renteria.

With college aged Latinos being the fastest growing cohort in modern America (the 2010 U.S. Census predicted that nearly 36 percent of the population will be Latinos under the age of 19) there will be a lot of competition for these financial awards within the city of Chicago. But New Futuro is looking to take further steps to help Latinos in Chicago by aligning with national organizations such as the White House Initiative on Educational Excellence for Hispanics and Teach for America.