Reducing Financial Barriers for the Next Generation

In today’s competitive job market, a college education is more important than ever. College graduates with a bachelor's degree typically earn 66% more than those with only a high school diploma and are also far less likely to face unemployment. And, over the course of a lifetime, the average worker with a bachelor's degree will earn approximately $1 million more than a worker without a postsecondary education.

But, for many college students, financial roadblocks prevent them from earning their degree, particularly those of color or from low-income communities. 

To help students pursue their dreams and become more confident in making financial decisions, Equifax became a partner of the Scholarship Foundation of St. Louis (SFSTL).

Equifax has partnered with SFSTL for nearly a decade to help provide scholarships and interest-free loans to low-income students, and also to increase financial literacy through the Financial Fellows Program. 

The Financial Fellows Program brings college juniors from underserved communities studying math, economics, finance, and accounting together as a cohort over the course of two years. The Fellows examine and improve existing financial education tools and resources; discuss economic policies that impact vulnerable communities of color; and advocate to public and private sector leaders in an effort to influence change and greater financial inclusion. 

“The Fellows remind us all that their voice needs to be at the table in so many more aspects of the financial service sector,” said David Stiffler, President of the Equifax Foundation

A recent cohort of Financial Fellows helped develop a ‘Financing Your Future’ curriculum for youth in underserved communities; the program teaches skills around budgeting, banking, obtaining credit, and avoiding fraud … the basics to living your financial best! 

“Our Financial Fellows program is specifically designed to help reduce financial barriers for the next generation,” said Stiffler. “We are thrilled to be able to work closely with incredibly talented college students.”