In its three focal communities of Thomasville, South Cobb (Fair Oaks), South Fulton (College Park and East Point), the Community Foundation for Greater Atlanta has started a “reverse scholarship” pilot program that will pay off up to $30,000 in student debt for borrowers.
Student loan
The Community Foundation for Greater Atlanta started a program called ‘reverse scholarship’ that aims to pay $30,000 in student loans for borrowers.
Aiming to lessen the impact of student loan debts in underserved areas, the initiative was launched by the Community Foundation for Greater Atlanta less than two months before federal student loan payments resumed after being suspended during COVID due to a federal moratorium.
According to a news release from the Foundation, this debt leads to the wealth gap across races and has long-term effects on one’s financial, physical, and mental health.
An estimated $1.75 trillion in student loan debt is owed by all Americans. Georgians had higher average student loan debt than Americans, at $40,268.87.
Georgians owe $66 billion in student loan debt on a state-wide basis. Graduates in College Park, one of the Foundation’s three Atlanta-area neighborhoods, owing over $29,000 in student loans, ranking them 16th in the US, while the median income for someone with a bachelor’s degree is $41,830.
According to the Community Foundation for Greater Atlanta, applications can now be submitted, and the deadline is September 15. To apply, parents or students must first fill out a profile; after that, they can access the application here.
The Community Foundation for Greater Atlanta Philanthropy team should be contacted by donors who are interested in funding the project.
Read Also: Millions Of Student Loan Borrowers At Danger As Payments Are Resuming After A Student-Loan Company’s ‘History Of Mismanagement’: Democratic Lawmakers
The “reverse scholarship” program aims to approach the problem of student loan debt in a novel way.
Instead of giving money up front, this initiative helps students by paying back a portion of their student loans once they have finished their studies. The Community Foundation for Greater Atlanta reverse scholarship program’s goal is to aid students who have shown both academic excellence and financial need, giving priority to those who really need it.
This initiative the Community Foundation for Greater Atlanta started acknowledges the particular difficulties experienced by students in the area by focusing on student loan debt specifically in metro Atlanta. Many students must take out large loans in order to afford education due to high tuition costs and living expenses.
For these students, the “reverse scholarship” program created by the Community Foundation for Greater Atlanta gives a ray of hope by giving them the chance to lessen their debt load and concentrate on their future without having to constantly worry about piling up loans.
Through cooperation with regional businesses, charitable groups, and educational institutions, the Community Foundation for Greater Atlanta program’s “reverse scholarship” has been implemented in metro Atlanta. These collaborations give the program the resources it needs to run and give students a real change in their lives.
The Community Foundation for Greater Atlanta’s program, which is still growing, has the potential to greatly lessen the financial burden placed on metro Atlanta students, allowing them to achieve their ambitions and give back to the community.
Read Also: SAVE Student Loan Program Will Lower Payments For Many: Here’s What You Need To Know
