By Shereen Ashai, News Editor
As River Hill seniors embark on the infamous college application journey, a dark cloud lingers over the minds of these applicants—money. When determining where to apply, it is crucial to consider the financial obligations that are inextricably linked to each university. Aside from tuition, the application fees themselves can range anywhere from $65-$95 per college.
Popular colleges such as New York University, Columbia University, and Dartmouth University all have a total cost soaring well over $60,000. Current statistics show that 58% of Maryland students are in debt because of their student loans. Nationally, the percentage of students who graduated with debt increased from 65% to 71% over the past 5 years.
Even after college, the Class of 2014 graduates entered adulthood with a 16.8% unemployment rate. As they walked across stage to pick up their diplomas, they also picked up a copious amount of debt. This means that over-educated young employees found themselves working as baristas, waiters, or bike messengers in an attempt to pay off student loans. In a January report, the Federal Reserve Bank of New York found that approximately 44% of graduates were working in jobs that did not require a bachelor’s degree.
Luckily, organizations like SponsorChange are here to help. SponsorChange was created by the Hampshire brothers who wanted to reward young volunteers for their dedication to improving the community. The organization allows college students to help pay off a portion of their loan in exchange for volunteer work. After its pilot program in 2009, SponsorChange has been able to help graduates repay thousands of dollars in student debt.
Here’s how it works: graduates with a pressing amount of student debt register as volunteers for organizations that need some physical labor. For putting in monthly hours to help their community, these graduates are reimbursed by donors who help pay off some of their loans.
Raymar Hampshire, the organization’s co-founder, strongly believes that work experience is an incredibly valuable asset for young adults. He hopes to launch a “virtual volunteering” program that can help connect potential volunteers to donors in other cities. This way, they can match a graduate to an organization, allowing them to volunteer remotely.
This project has also been launched by a similar organization called ZeroBound. ZeroBound strives to reduce student loan debt while enhancing professional skills by encouraging graduates to virtually or physically volunteer. Like SponsorChange, members of ZeroBound are rewarded for the hours of volunteer work that they commit to. The graduates create a personal timeline and work towards their goal in a set amount of time.
Some government organizations like Ameri Corps and Peace Corps also honor young philanthropists by providing educational rewards. As a part of a generation that has taken out over one trillion dollars nationally in loans towards education, it may be beneficial to take advantage of these unique opportunities.