Grant will enable launch of new microgrants
program, paid internships, and financial literacy workshops for
Historically Black Colleges and Universities (HBCU) communities
As resources are directed towards Historically Black Colleges
and Universities (HBCUs) across America, there remains an ongoing
crisis among HBCU students of failing to matriculate due to
unforeseen, emergency expenses. According to a recent study by the
Federal Reserve, 40% of Americans – predominantly Black and
minority Americans – would have difficulty covering an emergency
$400 expense, relying on borrowing the money from friends or family
or incurring further credit card debt.
To provide this urgently needed aid, Student Freedom Initiative
today announced catalytic support from Prudential Financial, with
Prudential providing $1.8 million in microgrants to HBCU students
in an effort to accelerate economic mobility and close the
financial divide. Prudential will also provide paid internships and
pro bono services to enable improved financial literacy for
Historically Black Colleges and Universities (HBCU) families and
students.
This grant from Prudential will support the launch of the
Handling Everyday Life Problems for Students (HELPS) Program, a
crucial service to address unexpected, one-time expenses
disproportionately faced by Black students, furthering Student
Freedom Initiative and Prudential’s shared commitment to close the
racial wealth gap. Launching as a three-year pilot program with
nine HBCUs, the HELPS Program supplements HBCU-provided resources
and will be launched with the Spring 2022 academic year at
participating institutions. Students who qualify will receive
supplemental funds to address emergent financial issues that
present a risk to the student’s ability to matriculate, including
issues that may cause immediate risk to a student’s health, life,
property, or environment, requiring immediate attention.
In recent conversations with HBCU presidents, many detailed the
challenges their students face, particularly in this hybrid
environment. One president recalled how one of their students was
unable to fully participate on camera for class – a requirement –
due to a damaged computer, adversely impacting the student’s
grades.
Another president described always keeping petty cash in their
office, at one time providing a student $300 to cover an unexpected
expense. The student later told the president had it not been for
that $300, it is likely they would not have graduated at all.
With the implementation of the HELPS program, students like
these can now access critical microgrants to support their
persistence to graduation.
Committed to a fully inclusive workforce within its own ranks,
Prudential will also provide paid internships via the internX.org
platform, which pairs highly qualified, rising sophomores through
seniors across all majors with companies seeking diverse talent.
There are over 220 companies, over 14,000 students, and 1,300+
Course Learning Management Systems on the internX.org platform. In
addition, Prudential will collaborate with Student Freedom
Initiative and the participating institutions to prepare and
conduct age-appropriate, culturally sensitive, financial literacy
education and training for students, in a format that is culturally
sensitive and recognizes the current hybrid model employed by these
institutions.
“Student Freedom Initiative applauds the leadership of
Prudential Financial and their support for our shared mission of
eliminating barriers of access for underserved communities,” said
Robert F. Smith, Chairman of Student Freedom Initiative. “By
enabling the launch of the HELPS Program, a vital component of our
work to address the holistic needs of HBCU students and families,
Prudential’s gift will provide long-needed and often overlooked aid
and support persistence of those most vulnerable in our
community.”
“At Prudential, we’ve spent decades working to close the
financial divide, in part through partnerships that address
systemic barriers to economic, social, and racial equity,” said
Sarah Keh, vice president, Inclusive Solutions, at Prudential
Financial. “As part of our multiprong strategy to support HBCUs,
our partnership with Student Freedom Initiative will help us scale
solutions so that more Black students will remain in college and
ultimately graduate, putting them on a path to financial
security.”
“Over 75% of students at HBCUs are considered low-income,
relying on Pell Grants to meet their college expenses. However, for
many of these students, these grants are not enough,” added Mark A.
Brown, Executive Director of Student Freedom Initiative. “During
recent onsite visits at multiple HBCUs, we learned from executive
leadership and student focus groups that many of our students are
unable to overcome financial challenges for expenses that are not
directly related to the cost of college. These expenses, left
unaddressed, can derail their college plans. In addition, most of
these students lack the necessary financial literacy to make
informed decisions, though they are asked to signed complex
promissory notes that could indebt them well into their adult
lives. Further, while some may have support from parents through
costly Parent PLUS loans, many of these students have reported
feeling personally responsible for any negative affects these loans
had on their families. With additional financial support from
sponsors, we can ensure that more HBCUs and eligible students will
not be forced to choose between their education or their financial
wellbeing if met with a hardship during the course of their
studies.”
Students may begin taking advantage of Student Freedom
Initiative’s HELPS Program starting in the Spring semester 2022.
Visit HELPS Program to learn more.
About Student Freedom
Initiative
A single purpose nonprofit organization, Student Freedom
Initiative provides a catalyst for freedom in professional and life
choices for students attending Minority Serving Institutions
(“MSIs”) by increasing their social and economic mobility using a
student centric, evidence based, holistic, and collaborative
approach. Initially focused on Historically Black Colleges and
Universities, Student Freedom Initiative enables mobility through
four transformational components: (1) Income Contingent Alternative
to Parent Plus and Private Loans, (2) Internships, (3)
Tutoring/Mentorships/Other Services, and (4) Targeted HBCU Capacity
Building. Student Freedom Initiative collaborates with
community-based organizations, businesses, and governmental
entities through public-private partnerships to make sustainable,
systemic changes to support the entire HBCU ecosystem.
To date, Student Freedom Initiative has received generous
contributions from our anchor donors Robert F. Smith, Fund II
Foundation, and Cisco Systems, and many others who have provided
financial and/or in-kind services. The program has also been
acknowledged and supported by the Business Roundtable's Racial
Equity & Justice Subcommittee on Education.
To learn more, visit www.StudentFreedomInitiative.org or find us
on Twitter @StudentFreedom.
About Prudential
Financial
Prudential Financial, Inc. (NYSE: PRU), a global financial
services leader and premier active global investment manager with
more than $1.5 trillion in assets under management as of September
30, 2021, has operations in the United States, Asia, Europe, and
Latin America. Prudential’s diverse and talented employees help
make lives better by creating financial opportunity for more
people. Prudential’s iconic Rock symbol has stood for strength,
stability, expertise and innovation for more than a century. For
more information, please visit news.prudential.com.
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Dafna Tapiero, dtapiero@laurelstrategies.com
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