‘Grown-ish’ Wants To Forgive Your Student Loan Debt – Femestella
The student loan crisis has crippled millions of college graduates financially, leaving them helpless in the face of massive debt. But the Freeform show grandiose wants to help.
Last week, Gasoline magazine editors got together with grandiose cast members Diggy Simmons and Chloe Bailey at Spelman College to announce the “# grown-ish & broken-Student Loan Payoff” contest, a national contest that has both ESSENCE and Freeform pledging to pay up to 150 $ 000 in student loans for three lucky winners. The prize will be divided into $ 75,000 for the winner, $ 50,000 for the first finalist and $ 25,000 for the second finalist.
The announcement follows grandiose tackling the intersection of race and student debt in their episode “Real Life Sh ** t,” which focuses on Aaron as he tries to figure out how he’s going to deal with his debt and impending graduation.
In the episode, gRed presented the statistic that by age 30, the average white graduate man will have paid off 44% of his student debt. Meanwhile, the average black man will owe 11% more than when he graduates. In addition, a study carried out in 2019 by The American Association of Women’s University reported that black women have the highest student loan debt of any racial or ethnic group, and they end up being nearly 56% more in debt than the average white man.
As Doug explains in the episode, part of the problem is that bank lenders are deliberately preying on black kids who want to go to college but can’t afford it. Having no other choice, the banks attract them by promising them easy money. It wasn’t until after graduation that you realized that you now owe them “twice the money plus the shirt on your back”.
With an estimated payment of $ 750 per month and a payment term of 30 years, Aaron’s situation looked dire. Fortunately, Aaron was offered a job on campus that earned him free tuition. It was not a perfect solution. But, being able to continue his education without the added burden of thousands of dollars in loans gave him an edge, as Zoey put it, “to make sure he didn’t become just another statistic.”
In light of everything we know about the student debt crisis, this contest is a wonderful collaboration. And while they obviously can’t help everyone, there will be at least three less people afflicted with outrageous loan amounts.
Student debt has engulfed an entire generation and prevented them from owning homeowners, having families, and living financially freely. It doesn’t even mention aspiring students of color who are being targeted in an unfair attempt to provide loans to a vulnerable population.
With the federal civil service loan forgiveness program in dire straits, those with student debt do not have many options to borrow. Paying off the #big and broke student loan is a big step that will hopefully inspire others to act with the same generosity.
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Ashley is a Blerd and pop culture glutton with a penchant for video games. She is a freelance writer, whose articles have appeared in Black Girl Nerds and Screen Rant. Life is happier for her when she can indulge in her childhood hobby, putting the pen to the page.