This collaboration leverages the strengths of both organizations to bring live music, educational programming, and cultural experiences to our nation’s HBCUs. The partnership will also offer programming around financial literacy, career planning, and entrepreneurship, as well as access to internship opportunities and career fairs.
Proceeds from these events will go towards alleviating the growing student loan debt crisis, which currently stands at $1.6 trillion. On average, students of color hold $52,000 in student debt, a major contributing factor to the 74% of graduates who delay purchasing homes, 51% who delay having children, and 37% who delay getting married. These factors compound the racial wealth gap.
“HBCUs represent less than 4% of colleges and universities, yet they produce 20% of all college grads, including 80% of Black doctors, 80% of Black federal judges, 75% of Black veterinarians, 75% of Black general officers, 50% of Black engineers, and 40% of Black dentists,” said Keith Shoates, President and Chief Executive Officer of SFI. “Through this groundbreaking partnership, we will leverage the best of Black culture and entertainment to deliver high-quality programming to our students, raise awareness about the cultural relevance and contributions of HBCUs, while generating funds to address the student loan debt crisis through the lens of education.”
“There is nothing more powerful than to liberate the human spirit. SFI was created to provide freedom in educational, professional and life choices for students attending Historically Black Colleges. And now, we must seize every opportunity to ensure that all students attending HBCUs have the opportunity to achieve their fullest potential, said Robert F. Smith, Founder, Student Freedom Initiative. “This partnership brings together the best of SFI and BPC to have a transformative impact on thousands of students across the country. It will uplift communities and our national economy.”
“As the country’s first collective of Black promoters, we have deep experience delivering concerts and cultural events across the country. We are proud to now advance our work and do it for one of the best causes of all — educational opportunity and wealth creation,” said Gary Guidry, Chief Executive Officer of The Black Promoters Collective.