Breaking the Chains of Debt: Empowering Women of Color with Briana Franklin
In this episode of Finding Fearless, Madeline interviews Briana Franklin, founder of The Prosp(a)rity Project. They discuss the systemic issues surrounding student debt, particularly for women of color, and how Bri's personal experiences inspired her to create solutions to combat predatory lending practices. Bri elaborates on her nonprofit's mission and introduces her FinTech app, Cadet Prosparette, designed to educate young people on financial literacy and debt prevention. The conversation also explores the emotional toll of debt, the value of higher education, and the societal impact of financial constraints. Brie shares her vision for future projects, including a benefit event and her aspirations for greater systemic change.
Listen in as we speak about:
Briana's Story and the Birth of The Prosp(a)rity Project
Tackling the Student Loan Crisis
The Foundation and Mission of The Prosp(a)rity Project
Introducing Cadet Prosparette
And much, much, more!
Briana's Story and the Birth of The Prosp(a)rity Project
Briana Franklin's story began with grappling with her own debt, which escalated to nearly $120,000. This daunting experience propelled her to gain a deeper understanding of the financial burdens faced by student debt holders nationwide. In response, she founded The Prosp(a)rity Project, a 501(c)(3) organization, and its FinTech offshoot, Cadet Prosparette, to combat predatory lending practices and empower marginalized communities.
The initiatives led by Briana aim to empower the Black community and other marginalized groups by breaking the cycle of debt-based poverty. Her work has not gone unnoticed, earning her accolades like the South by Southwest 2023 Innovation Award for Social Impact. Briana has also been featured in Forbes, Katie Couric Media, and BuzzFeed, and was honored as a 2023 Aspen Ideas Fellow and a Visionary Women’s 2023 Rising Visionary.
Tackling the Student Loan Crisis
In our discussion, Briana shared her gritty backstory, including her journey through Ivy League education that left her with a six-figure debt. Despite holding a prestigious degree, she faced a revolving door of temp jobs, contracting positions, and minimum wage work, which only exacerbated her financial stress.
Emotionally, the struggles were profound. The dichotomy between the achievement of attending an Ivy League school and the crippling debt it brought led to significant emotional turmoil. The pressure created estrangement from family and friends, spiraling her into depression and prompting a reevaluation of her life’s trajectory.
The Foundation and Mission of The Prosp(a)rity Project
Briana emphasized that The Prosp(a)rity Projectt is fundamentally about leveling the socioeconomic playing field for the communities most affected by predatory lending and debt constraints. She highlighted the systemic nature of the issue and expressed the urgent need for comprehensive reform in higher education financing.
Her work extends beyond immediate relief, aiming for systemic changes that will prevent future generations from falling into similar traps. Through advocacy, education, and direct financial intervention, The Prosp(a)rity Project seeks to remove barriers to economic empowerment and educational attainment.
Introducing Cadet Prosparette
Cadet Prosparette is an innovative FinTech solution designed as an empowerment tool for teenagers. The app teaches young people how to navigate the financial landscape, making complex terms and predatory practices easy to understand. The goal is to certify that users are de-risked from engaging in harmful borrowing behavior, much like a vaccine against financial malpractice.
Through this app, Briana aims to arm kids with the knowledge needed to avoid predatory lending, ensuring they can make informed financial decisions from an early age. This proactive approach aims to disrupt the cycle of debt at its root.
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