United We Stand...Against Student Debt

by: Drew Clancy Co-founder of SuccessFunding and CEO of Publishing Concepts (PCI)

As Americans… We believe in the American dream: our right to pursue life, liberty and the pursuit of happiness. We believe in our ability to work hard and make something of ourselves. We believe that no matter where we start, the sky is the limit. We are bound only by the nature of dreams and our willingness to work hard to make those dreams a reality. We know that education has always played a critical role in this equation. We believe that regardless of the circumstances of our birth, education provides a path not only to more knowledge, but to a better life. Education + hard work = a better life. This equation is under siege. The current financing model is broken. Over the past 10 years, as states have cut their support of higher education, students are being forced to compensate by taking on an alarming amount of debt. Today, there is more than a trillion dollars in student debt. There is more student debt than credit card debt. On average, students who borrow money graduate with more than $26,000 in debt. In some cases, students are graduating with more than $100,000 or even $200,000 in debt. Still more alarming: nearly one in three of those re-paying student debt are in default. The statistics are scary. They tell us we have an emerging national crisis. But what is even scarier is the reality that each number represents a real person and a real life in crisis. The current situation is unacceptable. And it is getting worse. According to Einstein: “Problems cannot be solved by the same level of thinking that created them." Reducing the interest rate on student loans by 1% is simply not going to solve the problem. A new, different and better way of thinking is needed. In the current student financial aid model, it is difficult for donors to support individual students. SuccessFunding solves this problem. We allow individual donors to support individual students, to provide “mini scholarships” that benefit the student and help them reduce the amount of debt it takes to finance their education. At SuccessFunding, we believe if given the opportunity, donors will support individuals in whom they believe. Students who are from their hometown, or their high school, or who are attending their alma mater. Students who share similar passions and interests. Students who want to make a difference in the world. As donors, our support allows these individual students to pursue their dreams. As they pursue their dreams, we all share in their accomplishments. And it doesn’t end there. By supporting an individual student, the donor creates a “virtuous circle” of giving that never stops. Each SuccessFunding student takes “The SuccessFunding Pledge.” They pledge to repay the generosity of their donors not by repaying the donor directly out of future earnings, but rather by pledging to support future students in the generations to come. At PCI, we are passionate about helping our college, university, and association clients engage their alumni and raise money so that they can fulfill their mission of educating our nation's future leaders.