The Colin Powell School for Civic and Global Leadership at The City College of New York is partnering with the Hebrew Free Loan Society to provide interest-free emergency loans of up to $2,000 to currently-enrolled low and moderate-income students.
This first of its kind partnership between HFLS and a college will supplement the Colin Powell School’s existing Student Emergency Fund, which was created to assist enrolled students unable to cover living expenses such as food, housing, and utilities. This Fund has been supported over the years by the generous support of the Viola Foundation, and has been bolstered by the Carnegie Corporation of New York, the William R. Kenan, Jr. Charitable Trust, and the generous donations of many individuals.
The partnership began with a meeting arranged by an HFLS Board member between Associate Professor of Psychology Glen Milstein and HFLS’s president and CEO, Rabbi David Rosenn. Milstein came away from that encounter with the idea of a potential partnership with the Society, which Andy Rich, the Richard J. Henley and Susan L. Davis Dean of the Colin Powell School, enthusiastically embraced. Discussions ensued, and an agreement with HFLS was concluded in October.
“For many students, the precarious state of their personal finances is the biggest risk factor for staying in school,” said Dean Rich. “The partnership with HFLS is an exciting opportunity to expand financial support available for our students.”
“This partnership with the Colin Powell School is a perfect way for HFLS to help students stay on track to complete a college degree and reap all the benefits of that education, including greater financial stability over their lifetime,” said Rabbi Rosenn. Every loan repayment goes right back into the pool for loans to other students, making this a renewable resource of support for years on end.”
To qualify for an interest-free loan from HFLS, applicants must meet certain residency and income requirements. Students interested in being considered for this loan should contact CPS Administrative Manager Charlene Darbassie at email@example.com and write “HFLS Loan Inquiry” in the subject line.
About the Hebrew Free Loan Society
The Hebrew Free Loan Society (HFLS) advances economic stability and opportunity for lower-income New Yorkers within and beyond the Jewish community by making safe, affordable interest-free loans. HFLS loans enable borrowers to attend college, improve their job skills, start a business, or respond to unexpected financial challenges.
HFLS maintains a 99 percent repayment rate, creating a virtuous cycle: As loans are repaid, our capital is lent out again and again, multiplying the impact of the same dollars over time. Since its founding in 1892, HFLS has provided over $400 million in interest-free loans to more than 900,000 borrowers.
About The City College of New York
Since 1847, The City College of New York has provided a high-quality and affordable education to generations of New Yorkers in a wide variety of disciplines. CCNY embraces its position at the forefront of social change. It is ranked #1 by the Harvard-based Opportunity Insights out of 369 selective public colleges in the United States on the overall mobility index. This measure reflects both access and outcomes, representing the likelihood that a student at CCNY can move up two or more income quintiles. Education research organization Degree Choices ranks CCNY #1 nationally among universities for economic return on investment. In addition, the Center for World University Rankings places CCNY in the top 1.8% of universities worldwide in terms of academic excellence. Labor analytics firm Emsi (now Lightcast) puts at $1.9 billion CCNY’s annual economic impact on the regional economy (5 boroughs and 5 adjacent counties) and quantifies the “for dollar” return on investment to students, taxpayers and society. At City College, more than 15,000 students pursue undergraduate and graduate degrees in eight schools and divisions, driven by significant funded research, creativity and scholarship. This year, CCNY launched its most expansive fundraising campaign, ever. The campaign, titled “Doing Remarkable Things Together” seeks to bring the College’s Foundation to more than $1 billion in total assets in support of the College mission. CCNY is as diverse, dynamic and visionary as New York City itself. View CCNY Media Kit.