To meet global education needs, UNESCO projects that the world will need 69 million teachers by 2030. However, some countries are facing nationwide teaching shortages as many educators have retired early or left the profession altogether. In the United States, nearly half of public schools report having teacher vacancies in 2022 due to this shortage. Additionally, a 2022 survey by the National Education Association found that Black and Hispanic teachers are “more likely to retire or leave early” than their white counterparts. This dearth of teachers disproportionately affects students of color, as a more diverse workforce can improve academic outcomes for underrepresented students.
Robert F. Smith and Improving Academic Outcomes for Students
A common barrier to achieving higher levels of education is the burden of student loan debt. Student Freedom Initiative, a nonprofit organization of which Smith is Chairman, partners with historically Black colleges and universities (HBCUs) and other minority-serving institutions (MSIs) to provide an alternative to other private student loans and Parent PLUS loans, which can have higher interest rates than other federal loans. Student Freedom Initiative aims to support up to 5,000 STEM majors a year at participating HBCUs and, in addition to loan alternatives, also offers students access to internship, mentorship and career-readiness resources and opportunities. “We can graduate all STEM students from HBCUs in essence forever under this program. It becomes self-sustaining,” Smith said about the initiative. “They [Student Freedom Initiative] support the next generation of students, and it gives them flexibility to actually drive back some of what I call their intellectual property—what they’ve learned in college and business—back into the communities in ways that matter.”
Learn more about Smith’s efforts with Student Freedom Initaitve.