The couple has teamed up with New York City's Win Scholarship Fund to provide 20 homeless students college scholarships so they can pursue their dreams.
Each student will receive a laptop and almost $2,000, which will help them with remote learning as many classes have moved online amid the coronavirus pandemic.
"Mark and I are so excited to help these students in whatever small way we can," Ripa said in a statement obtained by People magazine. "Starting college is a pivotal moment for so many and being a part of this time is really special for our family. We know each of these scholarship recipients has a bright future ahead and we can't wait to see what amazing things they accomplish!"
Michael Jones, who is attending Portland State University and currently living in Win supportive housing in the Bronx, said, "Despite the fires that are currently ripping through the West Coast, I am still determined to attend Portland State University and major in creative writing there."
He added, "The scholarship from Kelly Ripa and Mark Consuelos is a major help to my college career and will help me purchase books, dorm essentials and other necessities, which will put me in a strong position toward success in my freshman year."
Last spring, the couple also donated $500,000 to Win to help students purchase iPads, laptops and other technology.
In August, Ripa and Consuelos spoke to People about their work with Win and how fortunate they've been as a family.
"We were watching our kids, with all of their technology, and Mark and I said, 'Learning remotely is so difficult ... how are they possibly doing this at Win?'" Ripa said. "Sure enough, they didn't have the Wi-Fi, tablets or other things they needed."
The Emmy-winner added how she's inspired by the kids' attitudes and encouraged others to donate as well.
"We hope other people who have luckier circumstances like we do will help people living below the poverty line," she said. "It makes a difference forever."