Keeping the College Dream Alive During Coronavirus

by | May 11, 2020 | Insider

Inversant families are being tested during the Covid-19 pandemic like never before. Besides being among the hardest hit, lower-income families also face insurmountable challenges.

As stores, factories, hotels, and others shuttered, working-class unemployment rates soared. Our Programs team reached out to families to listen, assess the situation, and identify immediate needs. They heard stories filled with anxiety, fear, and overwhelm.

We knew we had to move fast to provide the emergency relief they desperately needed.

Over the last couple of months, we’ve made great strides to accelerate support. Together, we’ll ensure that COVID-19 doesn’t have a devastating impact on those we serve.

NEW COVID-19 HELP THROUGH INVERSANT PROGRAMS

During conversations with current Inversant families and alumni, our Programs team has heard many stories. Parents losing their jobs while others remain on the pandemic’s front lines.

Anxieties range from the threat of infection to bills coming due and how to pay for college. They’re also expressing confusion. Can they get emergency relief for student loans? Do only some loans qualify? Do mine qualify?

The Programs team is responding to this escalating confusion. We have a new financial learning activity in development for Inversant families.

We drew answers to loan-related questions from Hildreth Institute research. That research became training built by our Programs team.

Our goal is to equip families with the knowledge they need to make informed decisions.

SCHOLARSHIPS!

Previously, we shared stats for the 2020 Scholarship Pilot. From nomination to submission and completion rates, we outperformed expectations.

Today, we’re delighted to share that we’ve selected our 10 recipients! The program site breakdown is:

  • 1 – Boys & Girls Club of Boston
  • 1 – Camp Harbor View
  • 4 – La Vida Scholars
  • 2 – Revere
  • 2 – Salem

Take a look at our ten $1,000 merit scholarship winners, plus listen in to the exciting announcement from our interns. 🎉

ACCELERATE ACCESS PROGRESS

When the pandemic hit, we made Inversant savings accounts available as emergency funds. We also extended the savings match deadline. This allows families to resume saving before Inversant matches their balances.

Families with deposits in their accounts will still receive savings matches in May. To those that need access to their savings now, Inversant will distribute matches in July.

But, as the economic climate takes its toll, some hesitate to touch their savings accounts. With college coming soon, the concern is where that replenished money will come from.

For others, the need is too critical. The Accelerate Access campaign ensures Inversant families’ college dreams remain intact. No family should have to choose whether to save or survive.

We’re supporting our families by:

  • Establishing and rolling out an Alumni Emergency Fund. This includes added incentives in our Educational Workshops. Plus, new instruction on navigating COVID relief as it relates to student loans
  • Expanding our Scholarship programs
  • Building a digital infrastructure to bring vital financial aid and education services to our families

To make this happen we must:

  • Raise $180,000 in immediate gifts
  • Secure $2,500,000 in 3-year pledges

Friends are stepping forward to make sure we prioritize Inversant families and their access to higher-ed. One of them is Angela Ervin of Boston.

Angela supported Accelerate Access with both an immediate gift and a 3-year pledge! She knows first-hand the value of Inversant’s work and has seen how our programs create a positive impact.

She’s not only an Inversant Advisory Board member, but she’s also an Inversant alumna. Angela has been through Inversant programs and brings a unique perspective.

She’s been generous in offering her insights and experiences. Both have proven essential for improving Inversant programs. This year, her eldest son graduates from Northeastern University.

Thank you, Angela, for your continuing support. You and your family lead by example. Inversant wouldn’t be what it is today without you.

At Inversant, we expect as many as 730 family applications for emergency funds.

Thank you for our early responders who have helped us raise 64% of our gift goal and 69% of our pledge goal.

We couldn’t do this without you! We appreciate your support more than you will ever know.

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