Robert Smith Starts $1.8M Program to Provide Microgrants to HBCU Students In Need
A study done by the Federal Reserve said that 40 percent of Americans would struggle to meet an emergency expense totaling $400.
This program seeks to provide a cushion to students that would otherwise be in an irreconcilable bind. The microgrants can be used for a bevy of things, including supplies for class and other unexpected expenses.
Robert F. Smith, serves as the chairman of the Student Freedom Initiative, said, “Student Freedom Initiative applauds the leadership of Prudential Financial and their support for our shared mission of eliminating barriers of access for underserved communities.”
He added, “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.”
Students who apply for this program will be asked to participate in research that will expand the HELPS program on Black college campuses. Participation in the study will not be a variable considered when administrators allocate the funds from the program or select recipients.
The goal is to open doors for more students, but knowing the spaces where those needs are can only come from quantitative data ascertained from the demographic HELPS aims to target.
“Over 75 percent 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,” said 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,” he added. “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 sign complex promissory notes that could indebt them well into their adult lives.”
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