In an ongoing effort to support education nationwide, OneMain recently provided a grant of $100,000 to KIPP (Knowledge Is Power Program), a non-profit network of nearly 200 college-preparatory public charter schools. The organizations also entered a year-long partnership to oversee the development of a comprehensive financial literacy toolkit. Intended for students, staff and families, the toolkit will provide programs and protocol to educate on financial matters such as budgeting, credit and college costs. The toolkit will be completed and deployed to all KIPP schools by 2017.
"This is extremely important work, and we are grateful to OneMain for making this effort possible. We know that many of our students struggle with navigating the financial challenges of college, and having a one-stop shop for financial resources will help us ensure all of our students and their families are getting the support they need to make critical financial decisions that will set them up for success in college and beyond."
The objective of the OneMain and KIPP partnership is to give KIPP Through College counselors one standard resource, the financial literacy toolkit, to facilitate their counseling efforts. To achieve this, KIPP plans to research and curate best practices internally and externally, organize focus groups and develop educational materials. The $100,000 grant from OneMain will support these efforts. Once the toolkit is established within the KIPP community, it is planned to be shared with college counseling programs outside the KIPP network.
Craig Robinson, Director of KIPP Through College, is thrilled for the partnership and the potential impact of the toolkit: “This is extremely important work, and we are grateful to OneMain for making this effort possible. We know that many of our students struggle with navigating the financial challenges of college, and having a one-stop shop for financial resources will help us ensure all of our students and their families are getting the support they need to make critical financial decisions that will set them up for success in college and beyond."
OneMain’s Director of Community Relations, Sheldon Caplis, shares Robinson’s enthusiasm: "As [one of] the nation's largest personal finance company, OneMain takes its responsibility to provide young people with the tools they need to make sound financial decisions very seriously. Partnering with an outstanding organization like KIPP gives us the opportunity to develop, test, and scale a package of resources to better guide students as they transition to post-secondary education and careers."
The partnership with KIPP is similar to several other financial literacy endeavors at OneMain. For example, OneMain helps fund the Junior Achievement program which offers career and money management advice to teens and parents all over the world. They have also funded several campaigns and events for Maryland CASH1 , a non-profit organization designed to help low-income individuals and families with free financial advice. In more recent news, OneMain partnered with ATD, Achieving the Dream, to enable five community colleges in ATD’s nationwide network to participate in the Student Financial Empowerment Project.
*OneMain Financial loan proceeds cannot be used for college, university or vocational expenses including tuition, fees, and required equipment and supplies.
KIPP is a national network of open-enrollment, college-preparatory public charter schools that helps students in educationally underserved communities prepare for success in college and adult life. Founded in Houston, TX in 1994, KIPP has grown to nearly 200 schools in 20 states as well as the District of Columbia. Nearly 90% of KIPP students qualify for the federal free and reduced-price meals program. The network focuses on excellent academics, safe and structured schools, empowered teachers, an emphasis on character development and support through college as the foundation for student success.
In 2015, OneMain Financial Holdings, LLC was acquired by Springleaf Holdings, Inc. to become one of America's leading personal finance companies under the name OneMain Holdings, Inc. The new OneMain has more than 1,700 branches in 44 states and we have extended loans to over 10 million customers. We continue to offer responsible and transparent personal loan products. For over 100 years, we have been exceeding our customers' expectations and we will continue to provide best-in-class service to our customers, every day. Our iLoan® internet lending platform also provides customers the opportunity to complete the loan process online. We now have 11,000 team members who proudly support the communities in which they live and work. For additional information, please visit OneMainFinancial.com.
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