A group of Alabama State University students have been selected to participate in a nationwide financial empowerment initiative that includes 14 historically Black colleges and universities (HBCUs) from across the United States.
The Certified Financial Advancement (CFA) Credit Academy is sponsored nationally by HomeFree-USA and Experian. The program at is managed by the Office of Career Services.
On-campus coordinator, Candice Stinchcomb, explained that the purpose of the program is to provide ASU students with life-changing financial management skills that will help increase their capacity to close the wealth gap that plagues underrepresented communities and also improve their own individual potential to become homeowners.
“Our goal and the end result of this program is to empower our students to be more focused and savvy regarding their financial lives, to share with them the importance of applying for internships that boost their individual employment and career worth, and help them to understand the importance of good credit and how early home ownership can enhance their economic portfolio,” Stinchcomb said.
The 15 students selected to be members of the academy are Muhammed Ali, Zyqueria Brockton, Josey Dumas, Deja Fallin, JaKaylan Ivey, Chantal Jones, Nyla McPherson, Takudzwa Modza, Thomas Mulaisho, Errol Parker, Phinese Reed, LaShonda Robinson, Mandlenkosi Sibanda, Eric Thompson, and Janai Thompson.
Experian research indicates that 28 million U.S. consumers are unable to participate in the mainstream financial system today because a significant number do not have a sound financial identity (such as good credit rating scores, home ownership, etc).
The research also shows that this economic disparity more frequently impacts underserved communities such as African-Americans and Hispanic consumers. The CFA Credit Academy targeted students to help remedy this problem by providing financial education for participants at an early age.
The sponsors of the CFA Credit Academy believe that disparity issues can make homeownership – the greatest driver of generational wealth – an even bigger challenge for underserved communities.
However, by ensuring academy students are aware, informed and visible within the credit ecosystem at an early age, helps them access more equitable lending when they are ready to take steps to buy a car, own a home, and build generational wealth, which is the end goal of this program.
“Our purpose is to help lift up ASU’s students so they may upgrade and modernize their understanding about money, credit and general wealth knowledge, which will help empower students, their families and communities,” Stinchcomb said.