Businessman and philanthropist Robert F. Smith is funding the future of HBCU students' college experience with a new project. The student freedom Initiative announces a $1.8 million grant from prudential financial to create grants for scholars handling everyday problems.
The Handling Everyday Life Problems for Students (HELPS) program will enable the launch of a new micro-grant program to accelerate economic mobility and close the economic divide, paid internships, and improved financial literacy workshops.
The HELPS emergency microgrant program was developed in partnership with @Prudential to provide additional support to students facing financial hardships. Our goal is to empower our #HBCU students and help close the racial wealth gap! #StudentFreedomhttps://t.co/ksG0vsrBAS
— Student Freedom Initiative (@StudentFreedom) February 11, 2022
As a three-year pilot program with nine HBCUs, the HELPS Program will provide HBCU resources and launch the Spring 2022 academic year at participating institutions.
The HELPS program is under the umbrella of the Student Freedom Initiative, a nonprofit organization founded by Smith that has a mission rooted in increasing economic and social mobility for students. The program will aid students in receiving supplemental funds for emergent financial issues that present a risk to the student's ability to enroll in classes or graduate.
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"Student Freedom Initiative applauds the leadership of Prudential Financial and their support for our shared mission of eliminating barriers of access for underserved communities," Robert F. Smith said, 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."
“One HBCU president told us about a student who was unable to fully participate on camera for class – as required – due to a damaged computer, which ultimately impacted that student’s grades.” @SFIHBCU
#StudentFreedom
#HELPSOnTheWay 💸https://t.co/eLMgy8BY4R— Student Freedom Initiative (@StudentFreedom) February 9, 2022
With programs like HELPS, students who attend HBCUs can avoid borrowing loans and high post-graduation debt than those who attend non-HBCUs.
"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," Sarah Keh said, 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."
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Other parties involved in the HELPS program know that this funding still doesn't cover all the help HBCU students need but know this is a step in the right direction.
"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," Mark A. Brown said Executive Director of Student Freedom Initiative.
Robert F. Smith, Goalsetter Launch Initiative To Help A Million Black & LatinX Kids Become Shareholders https://t.co/ML0arf8jr0
pic.twitter.com/VC5fDPH8TX— AfroTech (@AfroTech) October 27, 2021
The HELPS program is one of many initiatives Smith is a part of. Last year, Smith launched One Stock. One Future, A program where corporations donated at least 1,000 shares amongst Black and Latinx children throughout the country.
Students can enroll in the Student Freedom Initiative's HELPS Program starting in the Spring semester of 2022. Visit HELPS Program to learn more.
