iGrad Partners with HBCU Community Development Action Coalition to Offer Student Financial Wellness Platform to Historically Black Colleges and Universities
The Historically Black Colleges & Universities Community Development Action Coalition (HBCU CDAC) has partnered with iGrad to launch a financial wellness initiative for colored students.
San Diego, CA, July 13, 2021 – (PR.com) – Leading financial wellness company iGrad has partnered with the HBCU Community Development Action Coalition to help students at traditionally black colleges and universities, as well as minority institutions serve to provide financial wellness education.
The new HBCU CDAC Our Money Matters Financial Wellness Hub (1) is powered by iGrad’s award-winning financial literacy platform used by more than 600 colleges and universities including Ohio State University, Arizona State University and Columbia University.
Supported by a three-year philanthropic commitment from the Wells Fargo Foundation, Our Money Matters (OMM) is being rolled out gradually. The effort will initially take place at seven locations: Allen University, Bowie State University, Lincoln University, Miles College, Morris Brown College, Southern University in New Orleans, and the University of Illinois in Chicago. Over three years, it will grow to 25 HBCUs and Minority Serving Institutions (MSIs), providing approximately 40,000 students with knowledge of financial literacy, financial management tools and access to support services.
“Our Money Matters is excited to partner with iGrad, a well-known and highly respected financial wellness company that provides state-of-the-art services to colleges and universities,” said Ron Butler, CEO of HBCU CDAC. “Our goal is to bring the latest in financial technology and culturally sensitive services to the HBCUs, MSIs, and community residents we serve. In this sense, iGrad exceeded our expectations. “
More than 228,000 students are enrolled at the 107 US HBCUs. Eighty percent of those who attend HBCUs rely on federal loans, compared with 55 percent of students attending non-HBCUs. HBCU students also borrow more money and are more likely to take advantage of unsubsidized federal loans and rely on their parents to take out loans too.
Student loans owe nearly $ 1.5 trillion in student loans nationwide. Black college graduates owe an average of $ 7,400 more than their white counterparts, with debt disparity widening after graduation due to interest credits and college loans, according to the Brookings Institution. (2)
Research has shown that financial education programs can reduce student loan defaults, reduce financial stress, improve academic performance, and teach students how to manage their finances for a lifetime.
“College students face more challenges than ever before, including financial challenges,” said Donna Miller, vice president of business development at iGrad. “Color students are particularly hard hit. We are very happy to be a part of Our Money Matters, which exemplifies the commitment of the HBCU CDAC to the financial health of the students. “
Student loan debt is the second largest category of debt in the United States, ahead of credit card and car debt. The Department of Education estimates that just over 10 percent of student loan borrowers default, and researchers at the Center for American Progress estimate that up to 30 percent of student loan borrowers cannot keep up with their debts just six years after graduation.
Based on artificial intelligence and proprietary algorithms, iGrad personalizes financial information for each student’s situation and needs. It also offers tools, quizzes, videos, articles and a library of multimedia content. A student loan tracking tool is included on the iGrad platform that aggregates student loan balances and estimates monthly payments in order to prepare students for those payments after graduation. It adapts to the specific circumstances of each user and even offers interactive educational content on retirement planning and mortgages for those who need them.
iGrad is a San Diego-based financial technology company that provides artificial intelligence-powered financial wellness solutions to more than 600 colleges and universities, more than 20,000 employers, and more than 300 financial institutions. Your Money Personality ™ by iGrad was recently recognized by the Institute for Financial Literacy with the 2020 Excellence in Financial Literacy Education (EIFLE) Adults’ Education Program of the Year Award. iGrad is one of three 2020 award winners at the inaugural Barron’s Celebrates: Financial Empowerment after being selected by a team of judges for its contribution to improving the financial health and safety of Americans. iGrad also received the Eddy Award 2019 for Financial Wellness from Pensions & Investments for its Enrich platform. For more information on the iGrad platform, please visit https://www.igradfinancialwellness.com. Further information on the Enrich platform for employers and financial institutions can be found at https://www.enrich.org.
iGrad / Enrich
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