First Boulevard announced that Academy Award-nominated executive producer, actor, author and entertainment reporter, Terrence J, will be its new Strategic Advisor of the digital neobank. Together they have launched Project Tassels: 1,000 students, 1,000 degrees, 1,000 new outlooks on life.
Terrence J will also spearhead the Financial Education initiative to promote financial literacy among HBCU students through a video series created by First Boulevard in which Terrence J will educate HBCU students about credit scores, student loans, credit cards, life off-campus and the importance of budgeting and savings.
The goal of Project Tassels is to help 1,000 Black students reclaim their “stranded credits.” These happen when a student has earned credits in the classroom, but cannot claim those credits as a result of an unpaid balance with their university.
Stranded credits lead to transcripts being held as collateral and prevent students from obtaining their degrees, even though they are still held responsible for student loans. A recent study by Ithaka S+R estimated approximately 6.6 million students have stranded credits in the U.S.
A New York Federal Reserve Bank study found that workers with a bachelor’s degree earn well over $1 million more, on average, than high school graduates during their working lives. In his role, Terrence J will foster relationships with HBCUs in an effort to help First Boulevard identify students they can help.
First Boulevard wants to build generational wealth for Black communities. Particularly among HBCU students and the rest of Black America. Educational debt in the U.S. is currently at $1.7 trillion continues to grow. This growing debt disproportionately impacts Black students who tend to borrow more and have higher default rates than their white counterparts. This delays or prevents Black Americans from being able to buy homes, build savings, or provide for their families and build generational wealth.
“I wasn’t entirely knowledgeable about the importance of financial literacy while attending North Carolina A&T State University, or even at the beginning of my career,” said Terrence J. “Had I known then what I know now about wealth building, I would’ve taken small steps to better manage my finances sooner. With Project Tassels, helping 1,000 students get the degree they’ve earned will add an additional $1B to circulate within the Black community. It’s a great start, but to really change the game, I’m challenging other organizations to join us.”
