Poll: Student Loan Crowdfunding?

Zero Debt for College Grads: From Student Loans to Financial Freedom
I read this book a couple
of years ago. It was helpful.
So the other day, I had this idea to start a website for crowdfunding student loan debt? Kai, you have a lot of ideas. I can't keep up every week it's something new. Yeah, I know, but just listen. I'm sorry. I get a lot of ideas.

Ok so I have a lot of student loans. Why? I don't know. I knew a lot about money and investing before I took out the loans, yet I still managed to do the dumbest thing I've ever done in my life: take out more student loans than I needed. Reading all these books that I'm reading has made me see that all of this happened for a reason. I put myself in this situation for whatever reason. I think it's to make sure other people don't make the same mistakes and for people that already have, I want to help them. Don't you need to help yourself first? Yeah, I do. I'm doing that.

So have you heard of the Website Kickstarter.com? It's a cool crowdfunding website that allows normal people like you and me to broadcast their dreams and ask for funding from other normal everyday people. People donate the money. Yes, just totally give it away, no loans, no grants, just giving. I'm always on there. It's one of my favorite sites — ever! I love knowing that my little $1 or $10 donation is helping to make someone's dream come true. It's all kinds of cool exploring new coffee table books, new lingerie designers, new dress designers and the list goes on. Russell Simmons said, "If you are a good giver, you will be great getter". I so believe that. My grandmother always taught me that whatever you give will come back to you... maybe not from the same person you gave it to, but you get it back.

So, inspired by KickStarter, I came up with this idea for crowdfunding student loan debt? I said on Twitter this weekend that so many young people are plagued by student loans and it sucks because if we didn't have student loans to pay off we could better contribute to society and the economy. What if there were a Website where hundreds of thousands of people (maybe even millions of people could go to help other normal people to pay down their student loans? Would you donate? Would it have to be tax-deductible for you to want to help?

Did you know that Americans have accumulated well over $900 billion in student loan debt? That's higher than the total amount of credit card debt in the United States. It's really ridiculous and there really is no help for middle class educated people. There's so many resources for the poor and of course we need that, but if these normal, educated middle class people were free of their educational debt, there would be more people willing and able to help the truly less fortunate. Right? Yes, you have your own student loans to pay off, but what if you knew that $10 you donated to help someone else along with the $10 donations of 9900 other people could help pay off someone's $100,000 student loan in one day. What if you knew that that person was so grateful for no longer being strapped with debt, that they began to donate 10% of their income back into the Website to help others, thus causing a domino effect.

There are so many amazing organizations to help children, animals, the poor, the arts and libraries, but what about normal middle class people that are really struggling to make ends meet or working at jobs they hate just to pay back student loans?

So, my questions to you is...

(please participate in the poll)


  1. It's so cool that the majority of you would donate or consider donating. That's the green light for me.

  2. AnonymousMay 29, 2011

    *SIGH* I just got accepted to graduate school in L.A. but this article makes me nervous about takng out more stafford loans. I currently have $20,000 stafford loans to pay back from my undergraduate education. I need to get a masters and it sucks i won't have all the money upfront. Although, I am doing my best to apply to as many scholarships and summer jobs as possible.

  3. AnonymousJune 02, 2011

    Hey Kai, I have about $12,000 in undergrad loans to pay back when I graduate in 2012. Ever since I took out my first loan I've been nervous about how I was going to repay it. I think this site would be a huge help for me and people like me who would be grateful for any amount of help no matter the size.


  4. AnonymousJune 08, 2011

    I am grateful for your constant encouraging words and thoughts. When you feel yourself growing and and evolving its very easy for me to feel disconnected at times. But I know by reading your posts that others are on this exciting journey as well. Keep up the amazing work. And continue to expand. Oh, and yeah, sign me up for the crowdfunding!