Tag: iGrad

Education

iGrad Launches Financial Literacy Platform for San Francisco State University Students

Feb 5, 2022 by Praveen 0 Comments #Financial Literacy, #iGrad, #San Francisco, #State University Students

iGrad has launched a customized, interactive online and mobile financial wellness platform for San Francisco State University’s more than 23,000 students.

iGrad’s platform for SF State students includes comprehensive customized and interactive information on everything from building and maintaining good credit, budgeting and money management to student loan/debt management and loan calculators.

Research shows that student financial literacy programs can decrease financial stress, improve academic performance and teach students how to manage their finances for a lifetime.

With declining enrollment and degree-achievement rates across the nation, bolstering student financial literacy is a priority for many colleges and universities. Since the start of the pandemic, college enrollment has declined 5.1 percent, with “unprecedented” declines among students from low-income or high-poverty high schools, according to a new report[1] by the National Student Clearinghouse Research Center. Data from the National Center for Education Statistics[2] shows that, even pre-pandemic, the degree achievement rate for all students nationally was only about 62 percent.

“Now more than ever, college students are facing tremendous financial challenges impacting enrollment, retention and the level of student loan debt, which is already the second-largest category of debt in the country,” said iGrad Vice President of Business Development Donna Miller.

iGrad is currently used by more than 600 public and private colleges and universities of all sizes, including San Jose State University, UC Berkeley, New York University and Davidson College.

Based on artificial intelligence and proprietary algorithms, iGrad personalizes financial information for each student’s situation and needs. It also offers:

-Tools, quizzes, videos, articles and a library of multimedia content.

-A student loan tracking tool which aggregates student loan balances and estimates monthly payments, helping to prepare students for these payments after graduation.

Because it adapts to each user’s specific circumstances, it can even provide interactive educational content on retirement and mortgages to those who need it.

Business

F&A Federal Credit Union Partners with iGrad to Offer the Enrich Personalized Financial Wellness Program to Its 47,000 Members

Feb 5, 2022 by Praveen 0 Comments #F&A Federal Credit Union, #Financial Wellness Program, #iGrad

F&A Federal Credit Union has teamed up with San Diego-based financial education company iGrad to offer the award-winning Enrich™ financial wellness platform to its 47,000 members.

Headquartered in Monterey Park, Calif., the credit union provides financial services to employees of the Los Angeles County Fire Department, County of Los Angeles Agricultural Commissioner/Weights and Measures, and the employees and families of 60 Southern California cities.

“Our mission is to help members reach their financial goals at every stage of life by providing the highest value products, superior service and trusted advice,” said F&A Federal Credit Union President and CEO Tim Green. “We chose to offer the Enrich financial educational platform to help our members and their families learn how to navigate the financial landscape and make informed choices regarding personal finance. The tools are some of the best in the industry and we anticipate our members will benefit greatly from regular engagement with the platform.”

F&A Federal Credit Union’s Enrich personalized financial wellness program features the Your Money PersonalityTM financial behavior assessment, which analyzes each user’s financial “personality.” The platform also provides:

-Financial education courses with personalized action plans on topics including budgeting, mortgages, healthcare, college savings, student loan repayment, banking, credit, financial planning and more

-Retirement and home affordability analyzers

-A suite of student loan and higher education tools

-Personal finance calculators and a real-time budget tool

Enrich is used by more than 20,000 employers and more than 300 financial institutions nationwide, with artificial intelligence technology that engages each user with the most relevant content based on financial situation and stage of life. The Enrich platform includes dynamic tools and courses, delivering a highly personalized and interactive learning experience on financial topics including student debt, mortgages, budgeting, investing, retirement and long-term care.

According to a 2021 Capital One CreditWise survey, 73 percent of Americans rank their finances as the most significant source of stress.

To combat financial stress, Enrich users are prompted to update their stress score regularly to gauge the correlation between improved financial wellness and stress levels. Recent Enrich data revealed that as participants improved financial understanding, their stress levels dropped by an average of 23 percent.

Additional Enrich data found positive behavior changes as a result of program participation, including:

-27 percent increase in users with emergency savings funds covering three to six months of expenses

-28 percent increase in users that pay their credit cards in full every month

-32 percent increase in users getting on track with their financial goals

-15 percent increase in users contributing to their retirement plan

“Enrich can help people of all income levels and in all phases of life,” said Sam Evans, iGrad Vice President of Business Development. “F&A Federal Credit Union is demonstrating the importance of behavior-changing financial wellness education by offering Enrich to its nearly 50,000 members.”