ATLANTA — As the impending reinstatement of federal student loan payments looms large, the Community Foundation of Greater Atlanta has unveiled a novel solution to ease the burden of student loan debt for people in metro Atlanta: a 'reverse scholarship program.'
It is poised to extend a helping hand to those grappling with student loan repayment challenges. Teaming up with The Scholarship Academy in Midtown, this program aims to alleviate the financial strain faced by countless borrowers.
The Academy was founded by Jessica Johnson and traces its origins back to a groundbreaking idea that emerged in her Howard University dorm room. Johnson's own experience with securing more than $200,000 in scholarships highlighted the stark disparity between her situation and the financial reality faced by most of her peers. This realization ignited the inception of The Scholarship Academy, an organization dedicated to revolutionizing access to financial aid resources and scholarship opportunities.
"We design financial aid immersion experiences, and we're getting ready to open a college access hub in Midtown to make sure the students get one-on-one help with scholarship applications," Johnson shared. With a focus on maximizing financial aid potential for students, the Academy seeks to ensure that every eligible individual can access the support they need.
One of the challenges highlighted by Johnson is the complexity of forms like the Free Application for Federal Student Aid (FAFSA), which can be daunting with its myriad of questions.
"Even if you think about the FAFSA, there's over 100 possible questions on the form alone, and it can be intimidating," Johnson explained.
To address the pressing issue of student loan debt, The Scholarship Academy is collaborating with the Community Foundation of Greater Atlanta to launch the "Reverse Scholarship Program." This initiative, designed to alleviate the student loan burden, will provide financial assistance to those in need of repaying student loans. Lauren Priest, program manager at the Community Foundation, expressed the program's mission.
"We aim to, in the short term, help anywhere from 10 to 15 folks pay off their student loans, particularly folks who live in our three places of focus, and that's South Cobb, South Fulton, and Thomasville," she said.
With a budget of $300,000 for its pilot phase, the program aims to make a significant impact in providing relief to borrowers. Priest underscored the urgency of addressing this issue.
"We know that it's accumulated because folks are going to school. They're trying to earn higher incomes. And so it's particularly disturbing that student debt is affecting so many folks in our region," she said.
The application process for the Community Foundation's Reverse Scholarship Program is currently open to individuals with student loan balances of $30,000 or less. The application period will conclude on Sept. 15, offering a potential lifeline to those grappling with the challenges of student loan repayment.