SIFE and AIG Partner on Three-Year Credit Counseling Challenge
Release Date: 11/15/2007
Springfield, Missouri, USA - SIFE has been awarded a three-year, $990,000 grant from American International Group, Inc. to fund the AIG Credit Counseling Challenge. This initiative will challenge SIFE teams in the United States to develop programs that teach college freshman and senior students about the responsible use of credit and apply for a grant from AIG to implement their proposals. The goal is to work with these two target groups over three years to increase their knowledge about credit and help them make wise choices at these two critical points in their lives.
“We are excited to partner with SIFE on this important initiative to help educate and empower young people on the responsible use of credit.” said Martin Sullivan, President and CEO of AIG.
The program will provide 120 SIFE teams an annual grant to run education sessions for freshman and senior students, focusing on the credit issues that each group faces. SIFE teams will also be challenged to work with the administration at their institution to educate them on the importance of credit. By educating first year students about topics such as the importance of credit, how to manage the overwhelming solicitation of credit choices, and how to build good credit, AIG and SIFE hope to influence how they manage their credit. By educating seniors about topics such as how to obtain and pay back loans and how your credit affects your loan application, AIG and SIFE hope to better prepare them for life after college with a better quality of life and standard of living.
In order to receive a grant of $750, teams will submit their project ideas for evaluation. In the first year, one student from each of the 120 teams will participate in a credit education seminar, where they will have the chance to learn more about credit, discuss resources for teaching responsible credit use to students, and brainstorm ideas with other students. At the end of the seminar, participants will be challenged to bring their learning back to their campuses to develop an innovative and creative three-year program. Each team that successfully completes the initiative will be invited to send one student to an exclusive SIFE Credit Counseling Day in the fall of 2010 where students will be recognized by AIG for their achievements in credit counseling education.