Online learning modules and digital tools help HBCU students develop long-term life and financial planning skills.
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Historically Black colleges and universities are known for serving a significant share of Black students in the U.S. and providing a more positive learning environment for these students, but historic underfunding of HBCUs continues to impact student success after graduation.
A brief published earlier this year by the Institute for College Access and Success found students who attended four-year HBCUs earned $16,600 less than their peers who attended non-HBCUs, and they are more likely to have student loans, owing on average 130 percent more of their original loan balances.
Nonprofit organizations have stepped in, providing personalized support and free resources for HBCU learners to close equity gaps in earnings and careers through digital tools.
Career development: A May 2024 Student Voice survey by Inside Higher Ed and Generation Lab asked students, out of a list of options, which career development services their institution should prioritize or focus on more. One-third of Black students identified helping students prepare for internships and career success, including developing people skills and awareness of workplace expectations as a top priority, and 34 percent identified “helping students choose a career to pursue.”
The Thurgood Marshall College Fund (TMCF) provides scholarships to students at HBCUs and, thanks to a recent tech partnership with Territorium, now offers career development and digital badging opportunities to students through the Life Journey app.
“Our strategic mission is to make sure that we are making our students career strong,” says Aisha T. Brown, chief financial officer and chief operating officer at TMCF.
The Life Journey app rolled out to student attendees at the Leadership Institute in September. The app allows students to complete assessments that highlight their strengths and upload their transcript or résumé. Based on this data, the tech will generate possible career paths for them using artificial intelligence, pull relevant job postings and provide digital badges.
“The app is really a one-stop shop for career placement and career readiness,” Brown says.
Survey feedback from initial student users found 100 percent of students enjoyed the app and saw the impact it could provide to them regardless of their year in college.
TMCF leaders plan to scale offerings to all event participants for the 2025 calendar year (around 2,000 students) and later to learners across all partner institutions, around 100,000 students. The app is free to use and will be available at no cost for the student even after graduation, Brown says.
Before scaling, TMCF is looking for additional funding to ensure all students have quality experiences with the tech and are able to have the same personalized interactions that are currently offered to the initial users.
Financial literacy: A 2019 study from the TIAA Institute found African American adults were less likely to correctly answer questions about personal finance knowledge compared to white adults; among African American participants, men, older individuals and those with higher income were more likely to have stronger financial literacy.
“There is a strong link between financial literacy and financial wellness among African Americans,” according to the report. “Those who are more financially literate are more likely to plan and save for retirement, to have non-retirement savings and to better manage their debt; they are also less likely to be financially fragile.”
The May Student Voice survey found 36 percent of Black or African American students indicated paying for college was a top source of stress, and an additional 31 percent indicated paying for personal expenses was a top stressor. Among all participants, 34 percent indicated paying for college was a stressor, and 26 percent selected paying for personal expenses.
The Society for Financial Education and Professional Development created a free eight-part online financial literacy certificate program for students at HBCUs to improve their financial wellness and awareness.
The course modules cover topics such as budgeting and financial goal setting, retirement planning, credit and debit management, insurance, and student loan management. Upon completion, students earn a digital badge that can be shared online, including in digital résumés and social media platforms.
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