Supporting Our Communities Through Financial Literacy Programs
Pre-COVID-19, the Credit for Life Fair was an in-person interactive event held at high schools across Massachusetts and beyond and hosted by financial institutions and other organizations. The purpose of these fairs was to teach high school students how to survive financially in the everyday world BEFORE they leave high school. Students choose professions, assume the role of 25-year old professionals new to the workforce and use their monthly ‘salaries’, ‘credit cards’ and ‘savings accounts’ to purchase everything they will need to live as 25 year old adults, with the goal of living within their budgets.
Due to COVID-19 restrictions, in-person events are not feasible currently. Knowing that the Credit for Life experience is an invaluable life lesson, a consortium of Massachusetts banks has partnered together to produce a similar digital experience that students can complete from their desk, using a computer or tablet, and internet access. This program will be available for schools and banks to utilize in mid-April 2021.
How do high schools and non-sponsor banks/financial institutions participate in Credit for Life?
- Reach out via website contact us or to member of the CFL committee about utilizing Credit for Life.
- Schools: If there is already a sponsoring bank in your market, we will forward your interest to that bank and they will be in touch with you.
What is the cost for a bank or non-profit/community organization to sponsor a school and participate?
Financial institutions under $1 billion will pay a flat fee of $1,000 for school year 2020-2021. Financial institutions $1 billion+ will pay a one-time fee (0.00001% of assets capped at $5,000) for as many schools as they want to sponsor. Schools and/or financial institutions must commit to managing the process on the back end (volunteers for chats, budget counselors etc.). Fees will be used for ongoing site hosting, administration and maintenance, and for ongoing edits for 2021-2022.
Can a high school participate without a financial sponsor and if so, is there a cost?
Yes. They can a) pay a flat fee of $500; b) use Office of Economic Empowerment grant funds to pay the fee; c) find a sponsoring organization to pay the fee and help manage the event. If none of these options are possible, schools can request to have the fee waived.
Can other non-profits who have financial literacy initiatives participate (such as Community Action, Boys & Girls Clubs, etc.)?
Yes, they would need to follow the same process as a school (find a sponsoring partner, pay the fee, etc.).
Watch our short video for more information!
- Qualifying and applying for a home mortgage
- Working with realtors, home inspectors and closing attorneys
- Purchasing homeowners insurance
- Special issues surrounding condominiums and multifamily homes
- Bob Dumais, Gloucester Housing Authority, 978-281-4770, www.ghama.com
- Ellie O'Leary, Coastal Homebuyer Education, 978-992-4106 www.CoastalHomebuyerEducation.blogspot.com