CREDIT FOR LIFE

By Thomas E. Hoffman AIF®, CFS®
KAF Financial

This program began as a personal endeavor for me. When my son Greg, now 30, was a senior at Boston College High School in 2012, I joined the initial Credit for Life Committee. Recognizing the need for financial education in schools, we created an initiative that has since evolved significantly.

53569410851 558868eeac wCredit for Life is part of the Student Financial Education Initiative, Inc. (SFEI), a 501(c)(3) organization in Massachusetts. SFEI promotes experiential financial education in local schools and communities, supported by community banks and nonprofit foundations. They operate the online platform www.creditforlife.org, offering tools and modules for virtual or in-person budgeting and financial learning.

Originally, we conducted a morning session for the entire senior class at Boston College High, with class sizes ranging from 280 to 325 students. Held in the gym, each student goes through a budget-making process, receiving a packet outlining their annual income, credit score, credit card balance, student loan balance, and tax deductions. They must then sign up for required categories and consult with a credit counselor when facing budget issues. Many students realize the practicality of switching from a $700-a-month BMW to a $235-a-month VW!

The program is supported by about 75 volunteers, including parents, alumni, and bankers. Due to student feedback, we expanded to include afternoon sessions, where two other committee members and I host 45-minute classes. The senior class is divided into three groups that rotate through sessions covering the Ten Commandments of finances, basic investing terms, and a deep dive into credit cards, student loans, and college preparedness. Using my own children's experiences as examples creates an immediate connection with the students.

53569410911 39aa6841a9 wAlthough we paused from 2020 to 2022 due to COVID-19, the program has run every year since 2012.
I've also presented at other schools, such as Notre Dame Academy, an all-girls Catholic school in Hingham, where I give a 30-minute presentation to about 125 seniors. I cover the Rule of 72, compounding, long-term investing, and basic credit card pros and cons. Impressively, all graduates from BC High and NDA are college-bound.
For the past three years, I've spoken to the entire senior class at Hingham High School. Initially, we ran a shorter version of the BC High program, but the past two years, due to contract negotiations, I was the sole speaker in the auditorium. The senior class of over 300 is usually 90% college-bound, and I cover paycheck analysis, basic tax filing, credit cards, auto loans, and more.

In the spring of 2023, I taught two sections of a business teacher’s class, which included students from grades 9-12. The curriculum was more sophisticated, covering both the positive and negative aspects of compounding and reviewing the Investment Company of America guide.

Lastly, I've taught two classes a year for three years at Cristo Rey High School in Boston’s Savin Hill. These students are disadvantaged and 100% go on to college as first-time attendees in their families. I cover the same topics as I do at other schools.

My journey with Credit for Life has been incredibly rewarding. It’s amazing to see these young people embrace financial knowledge and prepare to apply it in their adult lives.