Tuesday, July 10, 2018
"Creating human capital is a great idea, especially for the colleges that aren't considered elite," said Sara Molina, manager at AFBC. "This seems like a really creative way to help students and alumni become more engaged and we applaud any solution that promotes students working in their field of study so that they are more able to keep up with their student loans."
Twenty higher education institutions, out of nearly 4,000, brought in more than a quarter of the $41 billion raised in aggressive capital campaigns and funding efforts. These elite colleges hauled in a significant chunk of charitable donations to colleges and universities across America, leaving, relatively speaking, very little for the rest.
A more viable path for the remaining colleges is to recruit alumni for mentoring since students mentored in college are more than four times as likely to be emotionally connected to their alma mater. Additionally, students who had an internship associated with their field of study are 2.4 times as likely to have strong and highly positive feelings about their institution.
Right now, only 22 percent of college graduates were mentored. For all of those 3,700 institutions that are not in the top 20, Gallup asks, why not double the rate of mentoring and begin a "virtuous circle" of success and giving?
Unfortunately, if barely one in five reported that they had a significant mentor in college, it means that perhaps 35 million of those with student loans were mentor-less, which might, according to AFBC, lend itself to a "vicious" cycle of low-income work and hopelessness.
The serious negative effects of student loan debt, particularly on low-income families and people of color have been well-documented. Often, parents and children, already barely keeping up with stagnant incomes and increasing housing costs, are further pressured by student loan debt, especially when the degree was not completed or there is no job available after graduation.
"We encourage colleges and universities to address the issue of student loan debt. In this case, asking donors to give, not money, but time and connection," said Molina. "At AFBC, our clients know the value of IDRs and their role in a successful repayment. Regardless of their college experience, borrowers should know that success comes down to the effort put into repayment, which could simply mean seeking help in understanding repayment options."
About American Financial Benefits Center
American Financial Benefits Center is a document preparation company that helps clients apply for federal student loan repayment plans that fit their personal financial and student loan situation. Through its strict customer service guidelines, the company strives for the highest levels of honesty and integrity.
Each AFBC telephone representative has received the Certified Student Loan Professional certification through the International Association of Professional Debt Arbitrators (IAPDA).
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American Financial Benefits Center
SOURCE American Financial Benefits Center