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"Outstanding education debt in the U.S. has tripled over the last decade and now exceeds $1.5 trillion, posing a greater burden to Americans than auto or credit card debt. For many, the payments are proving unmanageable. By 2023, nearly 40% of borrowers are expected to default on their student loans."
~Annie Nova, CNBC - Aug 2018
His mind was made up, he was going to the best college to earn his degree. He had dreams & aspirations of making something of his life, of serving his community, his country and one day possibly the world. A commendable goal, a big vision. It was a decision that made his family very proud.
The time to go off to college had come. He knew he had a long hard road ahead of him. He also knew that he was not only going to have to work extremely hard to maintain high grades but he had to find a side job to reduce some of the financial pressure that was being placed on his family.
Fast forward 2 years. His hard work has paid off, he has earned his degree and about to graduate from the most prestigious college in the state. However, his excitement is briefly tainted with a momentary fear of the unknown coupled with the realization that he now has to become financially independent so he can stand on his own two feet. He has the education, the ambition and the drive. Feeling empowered and confident he knows that he is about to embark on a new and exciting chapter in his life
Graduation day finally arrives. He will soon get his moment to proudly walk across the stage dressed in his gap & gown to receive the degree he worked so hard for. He pushes all thoughts of the resulting 6-figure debt to the back of his mind. Having to repay all that money could become a daunting thought if he lets it. He tries to push it out of his head but knows making those monthly payments is going to hurt his entry-level paycheck.... that's when he finds a job of course. And that's another thing - he has no job offers right now - at least none that are commensurate to his qualifications or to his perceived monetary self worth. He finds himself slipping back into a negative place in his head for just a split second but quickly snaps out of it. After all, this is a monumental day, with electrifying emotions. Yes, this is probably one of the happiest days of his life!
While listening to all the speeches, accolades and congratulatory messages he drifts off into what seems like a dream. In this dream he is seeing and hearing a special person in the guise of a guardian angel. That special persons tells him that he is going to pay off his entire 6-figure student loan no strings attached. In fact, not only is he going to pay off his entire student loan but he is also going to pay off the student loan of every student in the class of 2019.
With the roar of the audience he opens his eyes and pulls himself together only to realize it was not a dream after all. It was in fact a special speaker who had taken the stage and was giving his speech. In that speech he was saying all the things he thought he had just dreamed.
Yes, this is a true story!
You can pick up the rest of the story from the NBC article below:
"Billionaire tech investor and philanthropist Robert F. Smith stunned graduates of Morehouse College in Atlanta on Sunday, pledging tens of millions of dollars to wipe out their student-loan debts.
Wild cheers and astonished looks greeted Smith after he made the gift during his commencement address at the famed, all-male historically black college.
My family is going to create a grant to eliminate your student loans," Smith told graduating seniors. "You great Morehouse men are bound only by the limits of your own conviction and creativity."
Help yourself by learning key methods & strategies that will allow you to leverage your time, efforts and resources as soon as you enter the workforce or entrepreneurship so you can manage your money effectively. Not all lessons have to be learned through trial & error. Secondly, all work and no play may be a good formula for success but it is rarely a good formula for good health & happiness, balance is key!
Bottom line, it's not just about amassing wealth, the real skill is knowing how to keep it & how to grow it.
Congratulations to all graduating classes of 2019 - Keep learning, growing and building a limitless future for yourself and others.
Click here for the full NBC "Student Loan Payoff " story
"the best way to predict the future is to create it" ~ Abraham Lincoln