Loan Leeway: Nonprofit Works to Lower Student Debt
A small nonprofit named SponsorChange.org, recipient of the nationally recognized Dewey Winburne Community Service Award for “do-gooders”, is pioneering a way to help college graduates battle student loan debt by applying their skills on behalf of nonprofit community organizations. Researchers at ProjectOnStudentDebt.org say seven of 10 college students that graduated in 2013 owed money on a student loan, each averaging nearly $30,000 in debt.
With SponsorChange, graduates with student loan debt sign up to help participating organizations, earning credits while adding work experience and leadership roles to their résumés. Organization donors sign up to reimburse the workers for their time by helping to pay down their student loans through tax-deductible funding. All see specific results for their contributions to worthy causes.