WASHINGTON — Washington College in Maryland is helping some of its students find student loan relief with a fundraising program called “Dam the Debt.”
Sheila Bair, who chaired the Federal Deposit Insurance Corporation from 2006 to 2011, was named Washington College president last fall and initiated the program shortly after. The program has already raised $1 million and hopes to double that.
Both corporate and private donors are funding the initiative.
Dam the Debt will reduce $313,933 worth of federally subsidized loans for the spring 2016 semester for 119 qualifying Washington College students. The average reduction will be $2,630, or about 10 percent of a student’s total federal loan burden.
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2 comments:
gotta pay to play...these kids and their parents are absolutely clueless. why on earth did you allow yourselves to go into deep debt, when all along you knew you wouldn't be able to pay it back? so sad.
And why pay off the subsidized loan? What about the students who have unsubsidized loans? Interest has been accruing on them! Most of the families who get unsubsidized loans are the middle income familes! Once again they get left out. No help for middle income families. And, isnt this just encouraging students to borrow?? In the hopes that they will get it paid off by some donor.
They decided to borrow. That was their choice. What about those of us who wouldn't let our kids take out loans. We found another way to pay for college, like saving and cutting back on expenses to make it happen for our kids! Maybe we should have let them borrow .. Now someone else gets to pick up the tab!
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