How student entrepreneurship and student loan affordability are helping millions of young people escape poverty
Posted February 06, 2019 06:13:23Students at two University of Pennsylvania campuses are helping more than 1 million Americans and their families get out of poverty by raising millions of dollars to help them buy a home or car, or by opening a small business.
In fact, about 8,400 students are raising money for the students at the University of Pittsburgh and the University at Buffalo.
The students are working with the Student Entrepreneurship Center, the Center for Student Financial Literacy, and the Student Investment Corporation to offer loans and grants for new and aspiring students, as well as help pay for college and get them to graduate.
The centers aim to help more than 10 million Americans with college-related expenses by the end of the year.
The money raised will be used to help the students pay for rent, food, and other basic needs, as the loans are guaranteed.
“The students are trying to get to the point where they can afford to buy their own home, so they can put their kids in the car, and their own kids can have the money they need to pay for school and other things,” said Scott H. Shafer, the student-led student-financing organization’s executive director.
“That is a big part of the challenge of this program.
We are trying a lot of different things.”
The students at both campuses are working to get their students out of debt by the time they graduate, and in a couple of years, they plan to help many more students who are in need.
“These students are in the middle of college, they have a family to support and they are not doing as well financially as other students,” said Sara M. Sperling, a student finance adviser at Penn’s Wharton School.
“They are trying so hard to get ahead, and we are trying our best to help.”
Sperling and Shafer said that many students at Penn are facing debt problems and that students from around the country are applying for loans.
“There is a lot happening in our economy right now.
We need to give students a break,” said Shafer.
“This is a very, very powerful tool that we can use to help these students.
It is not just a way to put money in their pockets.
It’s a way for them to have a positive impact.”
Student borrowers in the United States have a median debt of $27,000, and students with more than $30,000 are at a higher risk of having a loan default, according to the Consumer Federation of America.
That is higher than the national average of $28,000.
Hearing the news of more than a million students who have been helped is very exciting, said Shafler.
“When people hear the number, it is hard to believe, because the idea that we are going to help so many students and they have so many dreams is really exciting,” he said.
“If they were to come out and start their own business, I think that would be really cool,” said M. K. Bostwick, an assistant professor of economics at the Wharton Business School.
The program is also expanding nationwide.
“This is really helping students get off the couch and get back to where they want to be,” said Spering.