SAN FRANCISCO--(BUSINESS WIRE)--EARN, the nation’s leading provider of microsavings, is launching MyDebtStory.com to provide a nonpartisan public forum for student loan borrowers to join the national conversation on the growing education debt crisis.
Access to higher education is now in jeopardy. Education debt has now surpassed the nation’s credit card debt, and it’s expected to top one trillion dollars this year. Many people fear that college debt will be the next economic crisis in the US. As college costs continue to rise, students are taking out even more loans and then struggling for years or decades to pay them back.
“EARN cares deeply about preserving the promise of education for everyone, so we believe student debt should lead to opportunities for future economic success – not stand in the way of success,” says EARN President and CEO Ben Mangan. “EARN created My Debt Story because the national debate on education debt is missing the most important voices of all: student borrowers themselves.”
MyDebtStory.com is an opportunity for current and past student borrowers to share their education debt stories in video or written form. MyDebtStory.com already features dozens of testimonial videos where people describe their wide array of experiences with student debt. The number of video stories is growing quickly, because an anonymous EARN donor is offering a prize for the video that gets the most votes by July 31, 2011: $5,000 to pay down student debt.
“Going to college is one of the most important ways that people can achieve the American Dream,” says Mangan. “EARN launched MyDebtStory.com to capture education debt testimonials because the personal stories of the people taking on the debt are more powerful than statistics alone.”
EARN is a nonprofit that gives low-income working families the power to create prosperity for generations. As the nation’s leading microsavings provider, EARN gives families the tools to build wealth and achieve life-changing goals such as saving for college, buying a first home, or starting a small business. Since 2001, we have helped tens of thousands of low-wage families through innovative financial products including matched savings accounts, checking accounts for the unbanked, and money management coaching. The EARN Research Institute evaluates the impact of EARN’s work and publishes original data, sharing lessons learned and best practices. We use this unique grounding in rigorous applied research and direct service experience to transform the financial services landscape and to champion effective public policies. EARN's ultimate vision is that millions of well-informed, low-wage American families will achieve financial success through proven strategies, fair public policy, and their own hard work.