Cash for high test scores in New York

NEW YORK, Oct. 15 (UPI) -- New York City has begun a $1 million effort to expand cash rewards for students who score high on Advanced Placement exams.

The program, which is funded by philanthropists, offers $1,000 to students who score a 5, the highest possible score, on the exams, $750 for students who earn a 4 and $500 for a score of 3, The New York Times reported Monday.

The program will benefit students at 25 public schools and six private institutes.

Schools Chancellor Joel Klein said he was "grateful" that a private group was "stepping up to tackle the critical goal of increasing the number of students who succeed on Advanced Placement tests."

The program is aimed at increasing the number of black and Latino high school students from low-income homes who pass the exams. City data show that less than 1 percent of black students earn passing scores on Advanced Placement tests.

“It’s just absurdly low,” said Whitney Tilson, a hedge fund operator who helped in the creation of the program. “These are intriguing ideas based on performance, to try to say this is what the bar is and you have to meet it.”