The student debt crisis has only been getting worse. Year after year, the number continues to rise and now stands at over $1.7 trillion. Is student loan forgiveness the answer? Can we just continue freezing payments and keeping the interest rates at 0% so borrowers can finally pay off their student loans?
One thing is for sure.. something has to be done. Dwindle has entered the chat. 👋
We go into more detail on how we highlight jobs that can help pay off your student loans, our partnerships that can boost your career, how you could potentially receive a payment towards your student loan balance, and how we're building a community to share stories and motivate one another.
Proof that the student debt crisis exists
How does the student loan debt crisis keep getting worse? In 2006 the student loan debt owed in the U.S. was $480,000. Fast forward 15 years and it's now $1.7 + trillion. The compounding interest payments have been holding so many Americans back.
My wife's original student loan debt amount was $20,000. She has been paying for 12 years, on time, and only stopped for 1 year. When we reviewed her account the other day she has paid over $40,000 back and still owes $12,000. How is that okay? The original loan amount has been paid back twice over, but she still owes $12,000. 😤
I also started with a smaller amount, around $30,000. I've been paying for 10 years and now I owe $45,000. We're not the only ones. Check out these tweets below:
More companies are offering benefits to help you pay off your student debt
Many Americans are under financial pressure and things are not getting any easier. In fact, the inflation rate hit 7% year-over year. This is causing employers to take notice and think about new ways to attract employees.
Companies are thinking outside of the box and offering more benefits to help with the rising costs of tuition and student loan debt. Companies such as Aetna, Chegg, Fidelity, and SoFi offer student loan repayment benefits to help their employees with paying off their debt faster.
I can speak to my experience working at Chegg as I'm closing in on my 2 year anniversary. I received $1,000 last year and at the end of this year I will be receiving an additional $5,000 that will go straight to my student loan balance. I cannot say enough good things about this benefit and what it is doing to help me become debt free.
This is a game-changer and Dwindle has created a page solely dedicated to highlighting which employers are offering student loan repayment, tuition assistance, and tuition reimbursement benefits. You can learn more about these benefits by reviewing this blog article.
Free resume review to help you land your next job
Now that you know there are companies out there that can help you dwindle down your debt (😉) it's important that you are prepared and ready to make a good first impression.
I remember years ago when I was searching for a new job, it had been a while, and I wasn't as prepared as I should have been. I applied to about 100 jobs with the same resume (DO NOT DO THIS), similar cover letter, and was getting so frustrated because I wasn't getting any interviews. I had some very solid experience, but still.. I heard nothing.
I branched out and started working with TopResume, looked up helpful articles on Google, and realized all of the mistakes I was making. It was really important to tailor each resume to the job description I was applying for, showcase how my skills would translate, and highlight my achievements vs. just writing down a basic job description. It was important that my cover letters were all specific to the company and job I was applying for vs. having a generic one.
I've had a very positive experience with TopResume, so much so that we were able to work together and offer a free resume review for all of you! You will receive a free comprehensive review with feedback that includes:
- Style & Organization
- Writing & Mechanics
- Applicant Tracking System (ATS) Analysis
Find companies that pay for your entire college degree
Did you know that many companies are paying for their employees entire college degree? Talk about a good way to avoid student loan debt.
We compiled a list of companies that help their workers with earning a degree, debt-free. View companies that offer 100% tuition coverage.
You could potentially receive a payment towards your student loans - from us!
Part of our business strategy is to give back to community members who subscribe to our monthly newsletters, and follow us on social media.
Currently, we raise money through our online store where you can purchase Dwindle merchandise. 10% of purchases are put into a fund and then given back to a Dwindle community member who may be struggling to make their student loan payments.
We just started this initiative but we have already donated $100 to a Dwindle community member at the start of this year! We are going to continue doing this so make sure you are subscribed to our monthly newsletter, and following us on our social medial channels. You can quickly visit them by scrolling to the bottom of this page.
We're building a community to help motivate each other
Dealing with student loan payments isn't easy. That's why we want you to join our community. Share your story, hear from others, ask questions, and stay motivated on your debt free journey.
At times, it can seem impossible to overcome the mountain that is your student loan debt, but it can be done. Everyone has a unique situation and communicating with others any struggles or triumphs, we can all help one another.
There are over 300 members in the community now and we want to hear from you! If you know anyone who could benefit from a little motivation or who is struggling to pay off their student loans, please tell them to join. We're all in this together!
Final Thoughts
Dwindle is dedicated to helping solve the student debt crisis. We're focused on bringing awareness to opportunities out there that can help you dwindle down your debt or avoid it completely.
You're not in this alone. In fact, 45 million Americans owe on their student debt. We only want to continue getting better and helping as many people as we can. If you have any feedback, would like to see additional services added, or have any recommendations for future blog articles, please contact us.
We hope this article was helpful for you. If you found value in it, please subscribe to our monthly newsletters and follow us on social media. You can scroll to the bottom of this page to find us on Twitter, Facebook, Instagram, LinkedIn, and TikTok!
