Empowering High Schoolers to Navigate College Finances

In a groundbreaking initiative, a group of Philadelphia high school students have developed a free app that aims to demystify the complex world of college financial planning. The app, called Finiverse, provides users with a comprehensive overview of the all-in costs of individual colleges, estimates their eligibility for financial aid, explores loan options and repayment plans, and even simulates potential future earnings based on their chosen degree and institution.

Unlocking the Secrets of College Financing

Bridging the Financial Literacy Gap

The Finiverse app was born out of a recognition that many high school students, like Rafsyn Begum, struggle to navigate the intricacies of student loans and financial aid. Begum, a senior at George Washington Carver High School of Engineering and Science, found the app to be a game-changer, describing it as "really easy on the eye and easy to read," particularly for those with limited experience in this domain.The app's creators, a team of high school interns working under the guidance of Wharton School professor David Musto, have made it their mission to empower students with the knowledge and tools they need to make informed financial decisions about their college education. "Students who are 17 are making this enormous choice, this huge financial decision," said Jill Bazelon, a senior associate director at the Wharton School, who oversees the student cohorts working on Finiverse.

Demystifying the College Cost Equation

One of the app's key features is its ability to provide users with a comprehensive understanding of the true cost of attending a particular college. "It's taking a multiverse view of your life after taking out the loan," Musto explained, referring to the app's ability to simulate various outcomes based on factors such as loan amounts, repayment plans, and potential future earnings.This approach aims to address a common misconception among high school students – the difference between a college's sticker price and its net cost after financial aid. Finiverse encourages users to explore the nuances of this equation, potentially discouraging some from taking on excessive debt while also inspiring others to apply to schools where they may be eligible for substantial aid or even a full scholarship.

Fostering Financial Literacy and Empowerment

The Finiverse internship program has seen a surge in popularity, with the current cohort of over 80 students representing a significant increase from the initial group of around 10 students. Wharton staff attribute this growth to the positive experiences of the participating students, who are eager to share the program with their peers."What I've learned most [from] it is don't be afraid of something you don't know how to do," said Winnie Yang, a former Finiverse intern and current University of Pennsylvania student. This sentiment encapsulates the program's ethos, which encourages high school students to embrace new challenges and expand their skills, whether in coding, design, or marketing.

Expanding the Reach of Finiverse

As the Finiverse app continues to evolve, the Wharton team has ambitious plans for its future. Currently available only on desktop and mobile browsers, the team hopes to eventually make the app downloadable on smartphones, further enhancing its accessibility. Additionally, they aim to expand the app's scope to include two-year colleges, ensuring that its benefits reach an even broader audience of college-bound students.The ultimate goal of Finiverse is to increase financial literacy among high school students, many of whom are unaware of the various loan repayment options and the extent of financial aid available. By empowering these young individuals with the knowledge and tools they need to navigate the complex world of college financing, the Finiverse team is paving the way for a more informed and financially secure generation of college students.