Time to help a helper!
Organized by: Jamie guy
I have been a volunteer for years for many progressive issues, from design advocacy to marriage equality, and environmental issues. Now, it’s time to lend him a hand. He went back to school to get a BFA in Graphic Design and graduated with high grades in 2012.
Over the past 4 years, he's been employed full time and worked extra jobs. However, because of the high interest rates and inflexibility of private student loans, he is being crushed by insane student loan payments. (His federal loans make up 15% of those payments, but would be more, because of the income based repayment program. Unfortunately, this program is not available for private student loans.)
I have never missed a loan payment, even though they take up over 40% of his income. (Higher than his rent!) Since he started repaying his student debt, 4 years ago, he's paid in over $27,000 towards his loan balance of $76,000. The current loan balance is over $90,000 and growing. Because of the high payments required to stay current on his loans, I have had to add to his credit card debt to manage day-to-day expenses.
After consulting with debt counselors and an attorney, the outlook is grim. I have cut my budget to the bone; the only advice they have is to default on the loans, since they are not eligible for bankruptcy. After that, they suggest to try to negotiate a settlement with debt collectors. This type of situation is insane and congress is not providing any sort of bailout in the near future.
Help me do the right thing: crowdfund an escape from this crazy burden for him! If only a few thousand people donate the price of an appetizer ($10) or a pizza ($20,) you can push him towards a decent sum, to pay towards his debt burden. Thank you!