Aide black students and HBCUs
Organized by: Nadine Marcelin
Did you know that...
- African Americans are far less likely to report having good or excellent credit scores.
- White families are also seven times wealthier than black families and the underlying factor is financial literacy, which includes credit management.
- Student loan default rates and low retention are strongly related and put historically black colleges and universities (HBCU's) at risk
The education of healty credit management and financial literacy as a whole is a huge demand for the black community.
This is where RICHES comes in! R.I.C.H.E.S stands for "Responsibilities In Credit Harnesses Economic Success". Our mission is to create a credit conscious community by financially empowering black young adults through the education and promotion of healthy credit management and generosity. The organization believes that demystifying and tackling the fears of credit within the black community can increase credit accountability and help decrease the racial wealth gap.
- To decrease the number of black households and individuals with imperfect credit scores
- To aid historically black colleges and universities in lowering student loan default rate
- To promote generosity
- To foster community-wide philanthropic values
How do we do this?
We intend to further expose black college students to financial information and to increase financial literacy through our signature program, called "shareRICHES". "shareRICHES" is an on-campus event that takes students through a simulation designed to prepare them for life after college. This event gets students in front of financial experts so that they can get real time financial advice which will help better equip them for post-graduation. Through this program, students will learn the basic fundamentals of credit management, saving, budgeting, and anything related to to financial health. With consistent growth in resources and aide, RICHES seeks to host this program to HBCUs across the country.
We also believe in generosity!
During the 2014 holiday season, we were able to donate turkeys to low-income families during Project Douglass with Victory Church ATL. We've also given away gas cards and other neat gadgets just to promote the idea of generosity. Within it’s first year of establishment, RICHES has also created a following through social media platforms by sharing helpful credit management tips.
As a start up non-profit, we face a huge barrier...resources. We want to raise $5,000 to not only begin our mission by empowering young adults, but assisting HBCU's during a time where many of them face a financial crisis and low enrollment. We also wish to give book scholarships and tuition assistance to students and to also continue to give back to those who are in need. No amount is too small or too big! Everything helps reinforce the necessity of RICHES' establishment and aids educating this generation to be Young, Black, and Credit Savvy. Help us to obtain our 501(c3) status and to generate enough funds to implement this critical program.
We appreciate your assistance!