The BlackFem After School Program creates a school bank. We train a program moderator provided by the school to host the program for the students who sign up. Each program session is approximately 60-90 minutes and occur twice per month. While the moderator will be in charge of these sessions, BlackFem will provide all of the materials and the implementation schedule.
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The After School Program has three components:
The School Bank
Students in the After School program run the school bank and create student credit reports for all of the students in the school. The school bank releases student credit scores on a monthly basis through our BlackFem At School website. Student credit scores are a measure of how consistently students are managing their scholastic commitments at school, and therefore are linked to their attendance, homework completion, and timeliness (coming to school and class on time) rates. Students can increase their student credit scores by earning the maximum number of points for attendance, homework completion, and timeliness. The total number of points a student earns in a given cycle will determine how the student credit score will change.
Students in the After School program will meet approximately twice a month to conduct the data science and entry to produce the student credit scores and to learn associated financial concepts. Students generating the student credit scores during the program will not be able to identify other students’ attendance, homework, and timeliness information, as they will only see bank IDs, but they will do all of the data science and entry with our credit reporting software to generate the credit reports for all students.
School partners must elect a staff member to serve as the program moderator, who oversees program meetings and operations with the students. Approximately every 4-6 sessions, a BlackFem, Inc. educator will host a workshop called “Bank Training”. Bank Training will prepare students to turn their school bank into a more sophisticated bank with different feature like investment banking. The moderator will complete a short training and receive program implementation schedules prior to the start of the program.
The School Currency
All students can earn a "Take-Home Salary," which is linked to their student credit score. This fictitious currency is what students can use to purchase items or experiences at the school store. If students do not earn the maximum number of points in a given cycle, they will be taxed (attendance tax, missing homework tax, lateness tax), which will reduce their take-home salary.
The school partner should share with BlackFem, Inc. any existing behavior management or incentive structures. We can integrate most incentive structures and behavior standards into our models that will affect how student credit scores and take-home salaries are generated.
The School Store
Students use their school currency at the school store to purchase items or experiences. Students in the After School program may submit to school partner administrators what items can be purchased at the school store for approval or the school partner administrators determine what can be purchased. The school partner administrators also determine the price students must pay with their school currency.
If school partners elect to use the BlackFem At School online platform, then students can login and place the item they wish to purchase in their cart and buy the item or experience with their school currency. Some examples of items in the school stores are colorful pens, fancy notebooks, an outing with the principal, or being principal for the day. The school partner is responsible for the costs associated with stocking items in the school store. Many schools like to stock the school store with more experiences than items to minimize cost.
One After School Program Success Story
During an After School Bank Training on ethical lending standards, Matteo (3rd grader) chose to lend to Janice, a woman in Senegal who asked for a $25 loan on Kiva.org to make clothes for women in her village. Matteo originally thought because Janice was poor, that she could not be a trustworthy borrower, but then she read her story on her profile. Matteo wrote a reflection on how he would like his school bank to set lending standards (though our school banks do not lend to students) and help those who may not traditionally qualify for loans. When Matteo purchased a Kiva gift code to lend to Janice through the school store with his school currency, he then received an increase in his credit score and tax return for his philanthropic contribution.