OneMain and EVERFI Expand Financial Wellness Efforts With Free Credit Education for Students and Families

Rhea-AI Summary

OneMain Financial has enhanced its financial education program by introducing a new course, Build: Credit Fundamentals, aimed at high school students. Developed with EVERFI, this initiative aims to equip students with essential knowledge on building and managing credit, which is crucial for their financial health. The program, which has reached over 66,000 students in more than 1,000 schools, will receive $300,000 in scholarships over four years. This effort supports the growing demand for financial education, with many states now requiring such courses for graduation.

Positive

• Introduction of Build: Credit Fundamentals course to enhance financial literacy among high school students.
• Course developed in collaboration with EVERFI, reaching over 66,000 students across 1,000 schools.
• Commitment to fund $300,000 in scholarships to support students participating in the program.

Negative

• None.

NEW YORK & WASHINGTON--(BUSINESS WIRE)-- OneMain Financial, the leader in offering nonprime customers responsible access to credit, today bolstered its innovative financial education program for high school students with the addition of a new course exclusively focused on understanding, building and managing credit. Build: Credit Fundamentals, created in collaboration with social impact education innovator EVERFI, is the latest addition to the company’s premier financial education program, Credit Worthy by OneMain Financial.

“Understanding credit and credit-worthiness is key to each person’s long term financial health. This program will provide students with the tools and information necessary to begin establishing positive credit habits at an early age,” said OneMain Chairman and CEO Doug Shulman. “As a company that is committed to the personal economic success of our customers, Credit Worthy by OneMain Financial is another example of our efforts to improve the financial well-being of all Americans.”

Launched six months ago, Credit Worthy was used in more than 1,000 schools with more than 66,000 students across the country in the 2021-2022 academic year. More than half of states in the U.S. have passed or introduced legislation supporting or requiring financial education, and about one-third of states require students to take a personal finance course in order to graduate.

Build will help students understand credit scores and their impact and help them recognize that making smart financial decisions early on can positively affect their credit and their future.

“Credit shouldn’t be some abstract concept students don’t understand until it’s too late,” said Ray Martinez, EVERFI co-founder and president. “Learning the fundamentals of building, maintaining and managing a healthy credit score is a skill all students should have before they graduate high school. We applaud OneMain for its commitment to providing this critical education to students across the country and ensuring that they are armed with the knowledge and resources to make sound financial decisions.”

OneMain also launched the Credit Worthy Family Resource Center, a website with articles, videos and additional tools for credit education across all age groups. The site includes more information about the Credit Worthy program and ways for teachers to request the program in their local school. These free resources will be available in both English and Spanish.

During the next four years, OneMain will fund $300,000 in scholarships for students participating in Credit Worthy across the nation. The Family Resource Center contains a new online application for the Credit Worthy Scholarship Contest, which offers awards for students to help cover costs associated with attending college, such as food, housing and books.

Research on the benefits of financial education shows young people who develop fundamental financial aptitudes are more likely to become financially secure adults. Build joins the current suite of Credit Worthy courses aimed to teach high school students to manage credit, financial basics, entrepreneurship, preparing for college or careers after high school and much more. Credit Worthy was made possible by a $4 million multi-year commitment and the program is available for free to high schools across the country.

About OneMain Financial

OneMain Financial (NYSE: OMF) is the leader in offering nonprime customers responsible access to credit and is dedicated to improving the financial well-being of hardworking Americans. We empower our customers to solve today’s problems and reach a better financial future through personalized solutions available online and in 1,400 locations across 44 states. OneMain is committed to making a positive impact on the people and the communities we serve. For additional information, please visit www.OneMainFinancial.com.

About EVERFI, Inc.

EVERFI from Blackbaud (NASDAQ: BLKB) is an international technology company driving social impact through education to address the most challenging issues affecting society ranging from financial wellness to mental health to workplace conduct and other critical topics. Founded in 2008, EVERFI’s Impact-as-a-Service^TM solution and digital educational content have reached more than 45 million learners globally. In 2020, the company was recognized as one of the World’s Most Innovative Companies by Fast Company and was featured on Fortune Magazine’s Impact 20 List. The company was also named to the 2021 GSV EdTech 150, a list of the most transformative growth companies in digital learning. Blackbaud, the world’s leading cloud software company powering social good, acquired EVERFI in December of 2021. To learn more about EVERFI, please visit everfi.com or follow us on Facebook, Instagram, LinkedIn, or Twitter @EVERFI.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220906005361/en/

Media Contact:

Kelly Ogburn

OneMain Financial

kelly.ogburn@omf.com

410-537-9028

Jennifer Edgerly

EVERFI

jedgerly@everfi.com

202-871-3637

Source: OneMain Financial

FAQ

What is the new course introduced by OneMain Financial?

OneMain Financial introduced Build: Credit Fundamentals, a course aimed at teaching high school students about credit.

How many students have participated in OneMain's financial education program?

Over 66,000 students have participated in the financial education program, Credit Worthy, in more than 1,000 schools.

What financial support is OneMain providing for students?

OneMain is funding $300,000 in scholarships over four years for students participating in the Credit Worthy program.

Who collaborated with OneMain Financial for the new course?

The new course was developed in collaboration with EVERFI, a social impact education innovator.

What is the significance of the <i>Build: Credit Fundamentals</i> course?

Build: Credit Fundamentals teaches students essential skills for building and managing credit, which is vital for their long-term financial health.