NATIONAL NEWS
Kappa Alpha Psi Relaunches Financial Literacy Programs Across 320 Active Undergraduate Chapters
By: Nicholas Cole
A ccording to a report by the Federal Reserve Bank of New York, one in five adults carry student loans, totaling more than $1.47 trillion in debt, but thanks to the re-start of a set of unique financial literacy programs, Kappa Alpha Psi Fra- ternity, Inc., is leading the way toward financial freedom. Kappa Alpha Psi ® has partnered with the National Association of Bankruptcy Trustees (NABT) and Regions Bank to actively promote CARE (Credit Abuse Resistance Education) program and GLAD (Greeks Learning to Avoid Debt) to educate local communities and col- lege campuses on the importance of maintaining a debt-free life. The program, which provides basic financial literacy and credit counseling to high school and college students, was initially implemented in Septem- ber 2007 under 31 st Grand Polemarch Dwayne M. Murray, Esq. However, the program has relaunched for the first time since 2013. “This program is very important because it exposes information to young African Americans who may not have access to it in their homes,” said Junior Grand Vice Polemarch Evan R. Jackson (Lambda Xi 2018). “This program also shows people how to set up multiple streams of income.” Kappa Alpha Psi’s GLAD/CARE Committee Chairman Jeffrey “J.B.” McGinnis added that, “I've done the research and the data tells me that the people across the country with the low- est credit scores are college students that have just graduated because of the debt that they accumulate while they're in college. So that tells us that under- standing what financial literacy is all about, and actually becoming financially literate is monumental for these college
graduates.” McGinnis (Arlington-Grand Prairie (TX) Alumni Chapter 2006) went on to point out that he has a personal con- nection with the GLAD/CARE program because when he was in college, there was no emphasis on financial literacy. “I had to go out there and learn it on my own and get bumps and bruises, so I know it's important that we not only pro- vide students with the platform to learn more, but to make it mandatory. That's what we want to do.” Students at East Stroudsburg Univer- sity in northeastern Pennsylvania wel- comed the GLAD/CARE program with open arms with more than 30 students in attendance this past year. Richard Oliver (Mu Beta 2017) described it as a huge success. “More people want to attend it,” Oliver said. “Those in attendance learned how to make money in college by using their talents to create income. For example, if the student has design skills, they learned that they can start a clothing company to create products and make money on campus. This is in addi- tion to learning about avoiding debt and taking control of their financial future.” Kappa Alpha Psi Director of Un- dergraduate and University Affairs and 82 nd Guy L. Grant Awardee Ryan E. Tucker, MPA (Alpha Sigma 2010) who is responsible for coordinating with McGinnis, stressed that he believes it’s important for everyone to fully under- stand what it means to control their financial future. “That comes from learning about debt reduction, your credit score and how each issue can affect your future,” said Tucker. “Giving students ample time and ability to create a different mindset to actually be financially literate and learn about not just debt but also
more financial things is crucial for taking control of their lives financially.” As for the future outlook of the GLAD/CARE program, McGinnis said he envisions Kappa Alpha Psi as being the model for the entire country. “We’re starting it with Kappa, then we want to spread it to the Divine Nine,” McGinnis said. “We will be able to go to the Divine Nine and get them to adopt this program based on the data and results we’ll achieve. Once the Di- vine Nine adopts it, then we can spread it to our community and be able to say that Kappa championed this program. Within the African American commu- nity, we don't do very well at leaving a legacy - a hand up, where when I pass away, I can go to my grandkids and say, ‘Here's land that you can all have and here are stocks that you can own,’ so that they can start with a hand up just like others. That's why it's impera- tive to start these programs so that our young men and women can learn how to become financially responsible and be able to pass down a legacy of assets to our children, grandchildren and great- grandchildren.”
Jeffrey "J.B" McGinnis, GLAD/CARE Committee Chairman presents at the Grand Board Meeting.
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