This week in student loan news: we hit the 4 year anniversary of student loan debt surpassing $1 trillion, some colleges are using online crowdfunding to finance scholarships and research fellowships, and a Meredith College student’s graduation photos go viral.
Student debt surpassed the $1 trillion mark 4 years ago
April 25 marks the 4 year anniversary of student loan debt hitting $1 trillion. That number continues to grow at a rate of $2726 every second. While the problem only continues to grow, people are paying more attention to the issue and seeking solutions, such as refinancing. The White House will begin investing $100 million in job training programs to work toward making community college free. Student loan debt has also been a hot-ticket issue in the 2016 presidential election. Watch America’s outstanding student loan debt rise below and read the full story here.
Colleges are turning to online crowdfunding to fund scholarships and research fellowships
GiveCampus.com, a Washington-based crowdfunding site, is allowing universities to get donations online at a rate that traditional approaches to funding could never match. Younger and more tech-savvy donors are much more likely to donate when presented with social media links rather than mailers or telephone calls. The founders of GiveCampus came up with the idea after reading about budget cuts at colleges that forced layoffs, tuition raises and eliminated classes. The founders believed traditional college fundraising tactics were too impersonal to appeal to younger graduates and countered with a more personal, digital approach modeled after sites like Kickstarter.com. Universities run campaigns on GiveCampus to fund things like scholarships and research fellowships, and schools are charged a subscription fee based on the amount of money they aim to raise.
Learn more about the site and its success here.
A Meredith College graduation photo goes viral
Maigan Kennedy shot a series of graduation photos themed around her student loan debt. The theater major and recent graduate had a photographer shoot a series of photos for her graduation announcements, but it didn’t take long for the photoshoot to take a more humorous turn. Kennedy posed among overdue student loan bills in one photo, and holds a tiny gold trophy labeled “debt” in another. After posting the photos online, they went viral and ended up on Buzzfeed and Mashable.
IMAGE: AREON MOBASHER WITH AREON MULTIMEDIA
Check out the rest of the photos and read the full story here.