OneMain and KIPP Announce Partnership to Develop Financial Literacy Toolkit
OneMain Holdings, Inc. (NYSE:OMF) and KIPP (Knowledge Is Power Program), announced today that they have entered into a year-long partnership to develop a comprehensive financial literacy toolkit to be made available to all 183 KIPP schools by 2017. When complete, the toolkit will offer resources, curriculum and protocols to help students, staff and families at KIPP public charter schools navigate financial issues, such as budgeting and wise use of credit, and questions related to college costs.
“As 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”
The goal of the partnership is to create a set of standardized, centralized resources that can be used by KIPP Through College counselors throughout the country, and eventually shared more broadly as a resource for college counseling programs outside of KIPP. OneMain has provided a grant of $100,000 to support the development of the toolkit. KIPP will research and curate current best practices in financial literacy education within and outside of the KIPP network, conduct focus groups to solicit ideas and feedback, and develop materials to be included in the toolkit.
“This is extremely important work, and we are grateful to OneMain for making this effort possible,” said Craig Robinson, director of the national KIPP Through College program for KIPP. “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.”
“As 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,” said Sheldon Caplis, Director of Community Relations for OneMain. “These decisions include career planning, understanding the full costs of college, and developing responsible saving and spending plans. 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.”
OneMain has a long history of supporting financial literacy. The company has funded past projects with other education organizations, including Junior Achievement in Maryland and Indiana. Through its Achieving the Dream initiative, the company has developed a partnership with community colleges designed to develop, expand and disseminate best practices in Financial Education. The company also supports adult financial inclusion through Baltimore CASH, Maryland CASH, and United Way in Indiana and Maryland.
The partnership with OneMain is part of KIPP’s focus on providing continuous support and resources to students as they go to and through college. KIPP, a national network of 183 public charter schools, educates nearly 70,000 students nationwide from educationally underserved communities. KIPP students have a four-year college completion rate that is above the national average for all students, and more than four times the rate for students from similar socio-economic backgrounds.
KIPP – the Knowledge Is Power Program – is a national network of open-enrollment, college-preparatory public charter schools with a track record of preparing students in educationally underserved communities for success in college and in life. KIPP was founded in Houston in 1994 and has grown to 183 schools in 20 states and the District of Columbia. More than 95 percent of students enrolled in KIPP schools are African American or Latino, and 87 percent qualify for the federal free and reduced-price meals program. KIPP’s work is centered in the belief that excellent academics, safe and structured schools, empowered teachers, an emphasis on character development, and support through college are the foundation for student success.
About One Main Holdings, Inc.
OneMain Holdings, Inc. is one of America’s leading personal finance companies offering responsible and transparent personal loan products, primarily to nonprime consumers. For over 100 years, the company has been providing personalized, best-in-class service at more than 1,800 branches in 43 states. The company’s iLoan® internet lending division also provides customers the opportunity to complete the loan process entirely online. The company has more than 11,000 team members who proudly support the communities in which they live and work.