Student loan debt exceeds one trillion dollars, and many students are now complaining that they can’t pay off their debts effectively since their paychecks are a little lighter after an increase in social security withholding.
In light of these struggles, I wanted to share some innovative ways students are earning money to pay down their loans.
Selling Legal Name Rights
Some debt-ridden cities have sold the rights to name stadiums and other large, municipal structures. One enterprising law school drop-out, who could not obtain further financial aid to complete his degrees, took this concept to the next level in an effort to repay his educational costs.
“I, Jason Madsen, will legally change my name for two years to whatever the highest bidder wants,” explains the former law student in his eBay listing. “If you want my first name to be ‘Bob’s Supermarket’ and my last name to be ‘.com’ I’m cool with that, or if you want the first to name to be an entire business name — whatever works.”
Blood for College Credit
Sallie Mae is the nation’s largest student lender. When one writer’s grandson could not pay back his loan, the firm had an innovative suggestion.
“I encouraged my grandson to pursue a college degree, because I thought as a Black male, his chances of landing a decent paying job would be much improved. Because I co-signed, I now use a great portion of my Social Security check to pay the loans.When I called Sallie Mae to work out a payment plan, the representative told me to tell my grandson to sell his plasma to pay the loan.”
Making Sexual Scholarship Pay
We cover many stories featuring students’ extracurricular activities. Related to sexual scholarship, some scholars are looking for funding using various aspects of their reproductive potential.
For examples, a few students are making their way to fertility clinics across the country, in order to earn cash for their reproductive cells.
Along those lines, a sperm donor at California Cryobank, who requested to remain anonymous, said he has earned $2,600 from making sperm donations for the past year, helping him cover his college living expenses and lab fees.
California Cryobank, which has several locations around the country, said nearly half of its qualified donors are college students, and sperm donors can make up to $1,200 per month — or $14,400 a year — if they donate three times a we
Young women can make enough in egg donations to cover tuition. On the other hand, males should probably use some amount of circumspection if taking this route: A Kansas sperm donor was recently sued for child support.
Scholars who spent their time in courses such as “Sibling Incest in Theory and Literature” and “50 Shades Trilogy” may find selling their companionship a potential route to solvency.
A month prior, faced with about $15,000 in unpaid tuition and overdue bills, Taylor and her roommate typed “tuition,” “debt,” and “money for school” into Google. A website called SeekingArrangement.com popped up. Intrigued by the promise of what the site billed as a “college tuition sugar daddy,” Taylor created a “sugar baby” profile and eventually connected with the man from Greenwich. (“Taylor” is the pseudonym she uses with men she meets online. Neither she nor any of the other women interviewed for this article permitted their real names be used.)
If none of the above options seem palatable, then instead of holding “will work for food” signs on the corner, graduates can use their finely honed skills to beg.
When Kelli Space graduated with a degree in sociology in 2009 from Northeastern University, she also had about $200,000 in private student loans. Worried she’d never be able to keep up with the $800-a-month payments which are scheduled to double this June last month Space launched twohundredthou.com, a blog where she writes about her struggles with debt and asks for donations. While some online media outlets including the Huffington Post and several bloggers have been critical of Space’s efforts, she has managed to raise $10,000 so far from generous strangers.