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Student Loan Empowerment Project (SLE Project)

Grantor:
Department of Financial Protection and Innovation
Portal ID:
45953
Status:
Closed
Opportunity Type:
  • Grant
Last Updated:
Categories:

Details

Purpose:

The SLE Project will award $7.25 million to nonprofit organizations to support the development and execution of at least one of two grant streams: Network Coordination grants will fund organizations providing coordination and support for the SLE Project network, and Service Partner grants will fund community-based, individualized education and counseling or legal services to help borrowers manage their student loans.

 

 

 

Description:

The SLE Project will promote and enhance the economic security of student loan borrowers by:

• Designing, developing, or offering, free of charge to student loan borrowers, classroom- or web-based financial education and empowerment content intended to help borrowers manage their student loans, access federal repayment and forgiveness benefits, or lower their debt balance.

• Providing individualized, free financial coaching or direct legal services to student loan borrowers.

The SLE Project will operate as a coordinated network, using a supportive hub and spoke model of service provision. DFPI provides funding for organizations that will play specific roles within this Network. Organizations may apply for and receive funding for one or both streams of funding.

Two grant streams are available:

Stream 1: Network Coordination Grants

Network Coordination Grants will provide critical coordination and support for the SLE Project Network. The maximum funding available in this category is $2 million to include the functions listed below. Eligible organizations may apply and receive to provide one or both of the following functions up to a maximum $2 million per organization for the two-year period:

A: Service Coordination and Referral

·     Establish and manage a statewide toll-free phone number, website, and email for borrowers

·     Coordinate borrower intake and referral services

·     Aggregate service data and evaluate outcomes

·     Deliver marketing and outreach strategies

·     Coordinate other network activities as required

B: Training and Quality Assurance

·      Develop and implement ongoing training program for service partner grantees

·      Identify and promote best practices and share updates on policies, regulations, etc.

·      Conduct technical assistance and training for partner organizations

·      Coordinate other network activities as required

Stream 2: Service Partner Grants

Service Partner grant funds are to be used to provide direct community-based, individualized education and counseling or legal services to help borrowers manage their student loans, access federal repayment and forgiveness benefits, or lower their debt balance. Services may include specialized support for complex cases. A total of $5.25 million of funding is available under this funding stream. The maximum award for each Service Partner grant is $600,000 for the two-year period, and each organization can receive only one grant.

There are two types of direct support for borrowers that can be provided under this stream. Organizations may apply to provide one or both types of services.

A.    General Support for Borrowers

·     Provide free financial education and individual counseling to consumers with their higher education debt issues in-person, by phone or online as required.

·     Participate in training, data collection, outreach and other network activities.

B.   Specialized Case Support for Borrowers

·     Provide specialized support and guidance to direct service providers with complex cases.

·     Conduct General Case Review with direct service providers.

·     Participate in training, data collection, outreach and other network activities.

Eligibility Requirements

Eligible Applicants:

  • Nonprofit

Nonprofit organizations in good standing with experience providing financial education and counseling.

Organizations must be exempt from federal income taxes under the Internal Revenue Code, including:

·       Section 501(c)3

·       Section 501(c)4

·       Section 501(c)5

·       Section 501(c)6

·       Section 501(c)7

No part of the organization’s net earnings shall inure to the benefit of a private shareholder or individual.

Eligible Geographies:

Funding is to provide services for residents of California only. Funding will be distributed to areas with areas with populations disproportionately impacted by student debt.

Matching Funding Requirement:

The availability of in-kind contributions or leveraged funding from other sources will be considered in the overall evaluation of the proposal and its potential impact.

Important Dates

The date (and time, where applicable) by which all applications must be submitted to the grantmaker. Time listed as “00:00” equates to midnight.
The date on which the grantor expects to announce the recipient(s) of the grant.
January 2024
The length of time during which the grant money must be utilized.
2 years

Funding Details

The total projected dollar amount of the grant.
$7,250,000
A single grant opportunity may represent one or many awards. Some grantors may know in advance the exact number of awards to be given. Others may indicate a range. Some may wish to and wait until the application period closes before determining how many awards to offer; in this case, a value of “Dependent” will display.
Dependent
Grant opportunities representing multiple awards may offer awards in the same amount or in varied amounts. Some may wish to wait until the application period closes before determining per-award amounts; in this case, a value of “Dependent” will display.
Dependent
Certain grants require that the recipient(s) provide a letter of intent.
No
Certain grants require that the recipient(s) be able to fully or partially match the grant award amount with another funding source.
No
The funding source allocated to fund the grant. It may be either State or Federal (or a combination of both), and be tied to a specific piece of legislation, a proposition, or a bond number.
  • State

Funding Source Notes:

The 2022-2023 California Budget provided for $7.25 million in one-time funding from the General Fund for Student Loan Borrower Assistance (SB 154) allocated for targeted grants that connect borrowers to community-based organizations and legal aid groups that provide free and individualized education, case management, and assistance with student loan issues. (Budget Act of 2022, Chapter 43, Statute 1701-102-0001).

The manner in which the grant funding will be delivered to the awardee. Funding methods include reimbursements (where the recipient spends out-of-pocket and is reimbursed by the grantor) and advances (where the recipient spends received grant funds directly).
  • Advances & Reimbursement(s)

Funding Method Notes:

All funding is for a two-year period. Funds will be disbursed at the following intervals: 50 percent upon signing of the grant agreement, 40 percent upon submission of an interim report, and the remaining 10 percent following submission of the final report.

How to Apply

State agencies/departments recommend you read the full grant guidelines before applying.

Resources

For questions about this grant, contact:
1-916-579-8622, grants@dfpi.ca.gov

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