We're kicking off our first ever Student Loan Debt Movement! This is an awesome month-long event where we are trying to educate, inspire, and encourage action. The goal is to see if we can (as a collective community) pay down or eliminate $1,000,000 in student loan debt.
You can check out the Student Loan Debt Movement Homapage here.
Why A Student Loan Debt Movement?
Student loan debt drives me nuts. Beyond the financial toll it can take on borrowers, getting out of it can be a hard and confusing process. With so many different payment plans, loan forgiveness options, different loan types, it can be really hard to know the best path to get out of student loan debt.
And that doesn't even take into consideration the emotional toll that student loans can have. From depression, to a delay of life events like buying a house or starting a family, student loan debt is a struggle.
But with $1.4 trillion in outstanding student loan debt, it's a problem that's not going away any time soon. For individuals, though, it's a problem that can be conquered. It just takes the right combination of education, inspiration, and action.
Education - You have to know what repayment plan makes sense. What forgiveness options you might qualify for. And you need to create a path forward.
Inspiration - You need to be motivated to stick to your plan. Hopefully seeing others in the Student Loan Debt Movement will give you some inspiration.
Action - No matter how much you know, and how inspired you feel, nothing will change if you don't take the steps necessary. You can earn bonus entries for our weekly giveaways and surprise bonuses for taking action this month.
That's why I wanted to start a student loan movement. I want to see if we can inspire our readers to pay down, reduce, or eliminate $1,000,000 in student loan debt during the month of March.
I graduated with $43,000 in student loan debt and was able to eliminate it in about 3 years. I worked full time, side hustled, and focused on my budget to put every extra dollar I could to make those loans disappear.
Over years of helping others here on The College Investor, I've seen countless others get out of student loan debt doing the same thing. Let's see what we can do together this month!
How Will This Movement Work?
There are a lot of exciting things happening during the movement.
To educate, we have put together the best tools and resources on our Student Loan Debt Movement Homepage. When you sign up to enter the movement, you'll also receive our 5 day free email training course that teaches you almost everything you need to know about student loan debt.
You also gain access to our private Student Loan Debt Movement Facebook group, where I'll be hosting twice a week office hours to help answer any student loan debt (or money) question you have.
To inspire, we have our student loan debt leaderboard. This is where people can share how much student loan debt they've eliminated during the movement. We'll be posting quick stories of inspiration and letting others know how they've done it. We are also giving away some cool prizes to the top of the leaderboard! So make sure you share your results to encourage others!
To encourage action, we are doing weekly $500 per week giveaways for those who enter and share the movement. I've found that sharing and promoting is a great way to not only get commitment, but also drive accountability. If your friends know you're doing this, you're more likely to take action. Plus, you could win cash that you could use to pay down your student loan debt!
Are You Ready To Take Action?
If this sounds like a great motivator to pay down student loan debt... join!
If you know someone who should be a part of this movement... share this with them!
I hope to see you in our Student Loan Debt Movement!
Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him here and here.
He regularly writes about investing, student loan debt, and general personal finance topics geared towards anyone wanting to earn more, get out of debt, and start building wealth for the future.
He has been quoted in major publications including the New York Times, Washington Post, Fox, ABC, NBC, and more. He is also a regular contributor to Forbes.