Office of Communications
Office of Consumer Affairs and Business Regulation
BOSTON -- Today, the Massachusetts Division of Banks, in partnership with the State Treasurer's Office, announced applications are now being accepted for the Financial Education Innovation Fund to support high school Credit for Life Fairs for the 2018 -- 2019 academic year. Schools must submit a completed application to the Office of the State Treasurer by February 8, 2019 to be considered for awards of up to $5,000. Award recipients will be notified on March 5, 2019.
Massachusetts public and charter high schools and Chapter 766 Special Education Schools are eligible to apply for the Innovation Fund Award. Funding for joint Credit for Life Fairs, including more than one school, may qualify for grants in excess of $5,000.
"I have seen firsthand the impact these fairs have on high school students across the Commonwealth," said Treasurer Deborah Goldberg. "I encourage every school to submit an application to bring invaluable financial education and money management training to students as they move into the next stage of life."
Credit for Life Fairs teach real-world financial skills to students that they can apply throughout their lifetimes," said John Chapman, Undersecretary for the Office of Consumer Affairs and Business Regulation, the agency that oversees the Division of Banks. "The Division of Banks has again made a commitment to provide the necessary funding for this important program to ensure that young people develop the money management skills they need to succeed early in life."
"The Division of Banks is happy to continue to fund grants in support of high school 'Credit for Life' fairs," said Merrily Gerrish, Acting Commissioner of Banks. "It is important to start financial education at a young age, and this funding will help students gain the know-how to make sound financial decisions when entering college or beginning their careers."
Since the program's inception in 2015, the grants have been funded through a Division of Banks' settlement over alleged unlawful lending practices. This is the sixth installment of the Innovation Fund program. Over 30,000 students across the Commonwealth have participated in a Credit for Life Fair.
Credit for Life Fairs are designed to be an innovative way for students to learn about making real world decisions when it comes to saving, spending, and budgeting their money based on a range of career choices and lifestyle decisions.
The application for the Innovation Fund initiative is available on the State Treasurer's Office of Economic Empowerment website at www.mass.gov/treasury/innovationfund.