Student Freedom Initiative and The Black Promoters Collective Announce Groundbreaking Partnership to Tackle the Student Debt Crisis by Delivering Cultural, Music and Educational Experiences at Historically Black Colleges and Universities

By: Student Freedom Initiative via Business Wire

November 12, 2024 at 08:00 AM EST

The partnership aims to raise $100 million to reduce the student loan debt burden held by students attending Historically Black Colleges and Universities.

Today, Student Freedom Initiative (SFI) and The Black Promoters Collective (BPC) are excited to announce a transformative partnership to tackle the growing student loan debt crisis disproportionately faced by students of color. Through the partnership, SFI and BPC will host cultural, music, and educational experiences at Historically Black Colleges and Universities (HBCUs).

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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.

About Student Freedom Initiative

A single purpose nonprofit organization, Student Freedom Initiative aims to reduce the wealth gap through the lens of education. This is achieved by providing a catalyst for freedom in professional and life choices for students attending Minority Serving Institutions (“MSIs”) by increasing their social and economic mobility using a student centric, evidence based, holistic, and collaborative approach. Initially focused on Historically Black Colleges and Universities, Student Freedom Initiative enables mobility through four transformational components: (1) Student Freedom Fund as a private education loan alternative to Parent PLUS loans, (2) Internships and industry-driven certifications, (3) Comprehensive Supports, and (4) Targeted MSI Capacity Building (e.g., access to affordable broadband, strengthening endowment governance and risk adjusted returns, workforce development in clean energy). Student Freedom Initiative collaborates with community-based organizations, businesses, and governmental entities through public-private partnerships to make sustainable, systemic changes to support the entire MSI ecosystem.

To date, the Student Freedom Initiative has received generous contributions from Robert F. Smith, Fund 2 Foundation, Cisco, Jane Street, Prudential, First Republic, and the Walmart Foundation. The program has also been acknowledged and supported by the Business Roundtable's Racial Equity & Justice Subcommittee on Education. Our ability to provide support to MSI students is based on the continued financial support of these donors and others interested in supporting our mission.

To learn more, visit www.StudentFreedomInitiative.org or follow us on Twitter

About The Black Promoters Collective

Since 2022, the Black Promoters Collective (BPC) has solidified its position as a powerhouse in the entertainment industry, achieving remarkable milestones and leaving a lasting impact on the music landscape. As the only wholly Black-owned live music company on the Global Pollstar Top 100 Promoters list, the BPC ranks at an impressive #39, highlighting the collective's significant presence and influence in the industry. Additionally, their recognition as the #3 Pollstar Global Top Urban Promoter/Producers underscores their specialization and expertise in curating urban music experiences. Being featured thrice on the Billboard Power Players List further attests to their exceptional leadership and contributions to the music business. The CEO of BPC has made the inaugural Billboard Live Music Power Player List. The (BPC) is a coalition of six of the nation’s top independent concert promotion and event production companies. It is a 100% Black-owned business whose mission is to be the world’s leading producer and provider of culturally relevant live entertainment experiences. To learn more, visit http://www.blackpromoterscollective.com.