College is known to be a difficult financial time for many students. Most of his time is spent studying and studying, there is little money left to earn. What’s worse, when a financial emergency arises, a large group of colored students can’t ask for support from their family.
Robert F. Smith, billionaire businessman famously paid off student loan debt for Morehouse students in 2020 returns again to other HBCU students in need.
His organization, at Student Freedom Initiative recently announced its partnership with Prudential Financial, which provides HBCU students with $ 1.8 million in microgrants. According to a press release, Prudential will also provide paid internships and free services to boost financial literacy for families and students of historically black colleges and universities (HBCU).
“The Student Freedom Initiative welcomes Prudential Financial’s leadership and their support for our shared mission to address barriers to access for underserved communities,” said Robert F. Smith, chairman of the Student Freedom Initiative in a press release. “By enabling the HELPS program, a vital component of our work to meet the holistic needs of HBCU students and families, Prudential’s gift will provide long-needed and often-forgotten assistance and support the perseverance of those most vulnerable in our community.”
The Student Freedom Initiative said the Prudential grant will help launch the Student Everyday Solutions (HELPS) program, a service to address unexpected one-time costs disproportionately faced by black students, which will promote the Prudential Student Freedom Initiative and shared commitment. gap in wealth.
“At Prudential, we have been working for decades to close the financial gap, in part through partnerships that remove systemic barriers to economic, social and racial justice,” said Sarah Ke, Prudential Financial’s vice president of inclusive solutions. “As part of our multifaceted strategy to support HBCU, our partnership with the Student Freedom Initiative will help us scale solutions so that more black students stay in college and eventually graduate, putting them on the path to financial security.”
“More than 75% of HBCU students are considered low-income and rely on Pell Grants to cover tuition costs. However, for many of these students, these grants are not enough, ”added Mark A. Brown, Executive Director of the Student Freedom Initiative.
“During recent on-site visits to several HBCUs, we learned from executive leadership and student focus groups that many of our students are unable to overcome financial problems for expenses that are not directly related to the cost of college. These costs, left out of consideration, can frustrate their college plans. In addition, most of these students do not have the necessary financial literacy to make informed decisions, although they are asked to sign complex promissory notes that can be borrowed from them in adulthood. In addition, while some may receive parental support through expensive Parent PLUS loans, many of these students reported feeling personal responsibility for any adverse effects these loans have had on their families. Thanks to the additional financial support of sponsors, we can ensure that more HBCUs and eligible students will not be forced to choose between education or financial well-being if they encounter difficulties while studying. ”
Students can start using the HELPS program from the Student Freedom Initiative starting in the spring semester of 2022.
Robert F. Smith Launches $ 1.8 Million Grant Program for HBCU Students
Source link Robert F. Smith Launches $ 1.8 Million Grant Program for HBCU Students