This College Pays Off Student Loans Via A Funding Program - What Is Dam The Debt?
Graduating students at Washington College will no longer have to worry about paying off their student loans as the school has established a new funding program. Dam the Debt aims to help its students become financially-ready after attending school. The initiative is already off to a great start.
Dam The Debt
Dam the Debt exists to subsidize student loans thanks to its many donors, such as TD Bank, BB&T Bank, Santander Bank and a financial company called Bloom, per Washington Post. This semester, the school president, Sheila C. Bair, announced that Washington College was able to pay off $313,000 worth of debts of its 119 qualified graduating seniors.
Not only that, but the program has enough funds from donations for the next four years as well. Bair is working to secure more funding for future graduates, as well as potentially offering grants to senior students via Dam the Debt.
We are launching Dam the Debt this week, reducing average graduates federal loans by 10%. And we are just getting started. Full speed ahead!
— Sheila Bair (@SheilaBair2013) April 18, 2016
Student Loans, A Pressing Issue
"Dam the Debt is an initiative like no other I have seen before," said one student, Lily Britt, who is taking business management and French studies at the college, per the press release. "I'm excited that it will relieve some stress from our overall amount of loans," she added and commended the school president for making student loans a priority, as it has been a concern affecting millennials across the U.S.
Market Watch reports that the average student loan amounts to $2,726 and its becoming a huge burden for graduates. They cannot get additional loans to buy a new house or car after they finish school and pay off their school debts, thus, student assistance programs like the Dam the Debt does provide huge help.
Washington College Dam The Debt Program Lauded
Senator Barbara Mikulski of Maryland has lauded Washington College and Bair for establishing Dam the Debt and cited that college shouldn't be a "financial nightmare" to American families. She even sent out a tweet about it.
I applaud Pres Bair's efforts to make college more affordable for @WashColl students through Dam the Debt initiative https://t.co/Gu0QDT4Ai0 — Barbara Mikulski (@SenatorBarb) April 19, 2016
Donors also praised the school's program and stated that they are honored to have helped the first batch of graduates ease off their student loans. "We are excited to see its impact continue to grow in the years ahead," said Bloom CEO Chris Costello in the press release.