The Graduate Debt Exchange Program (GDEP)

While GDEP’s organizational model is a novel concept, it was founded based on the pervasive strain, caused by student loan debt crippling over 44 million students, graduates and attendees who have accumulated over $1.7 trillion dollars in student loan debt. The specific purpose of GDEP is simple – help its qualifying members (who meet eligibility requirements) pay off their student loan debt by providing them with resources that give them an opportunity to exchange meaningful community service hours spent for dollars paid towards their existing student loan debt. Each hour given to support the mission, purpose and values of partnering nonprofit organizations, will translate into quarterly payouts issued directly to approve lenders for each Volunteer that completes their committed hours. Exchangers must commit to at least 10 but no more than 50 hours on a quarterly basis, because we too believe in a healthy work life balance. At the end of each quarter, and if hours agreed on are completed in full, GDEP will submit a payment directly towards their student loan lender. These payments do not replace the borrowers required monthly payment, but helps pay down the principle payment quicker, saving significantly on interest and potentially freeing up money to put towards necessities that may radically reduce the racial wealth gap in our society.

The Graduate Debt Exchange Program aims to eliminate the racial wealth gap and unequal access to opportunities, means of support, and resources for Black, Hispanic, Indigenous and Asian Americans. The creation of this ‘gap’ not only comes from governmental policies and societal discrimination, but also due to a general trend of wealth accumulated over time. In this sense, the current gap is generally viewed as the result of historical and continuing patterns of wealth inequality. And while, GDEP recognizes the historical milestones made by President Barack Obama, his address to students in 2009 stating, “No matter what you want to do with your life, I guarantee that you’ll need an education to do it”, reveals the deepness of our Society's despair. It suggests that the only way to get out of poverty and achieve a "middle class status" is to get a college degrees. Consequently, a college degree, for most, does not eliminate the income gaps reported between racial minorities and white workers but rather has the potential to widen it. It’s recorded that minority students, especially those of African descent, finance their education through debt, thus contributing to the fragility of the upward mobility towards the “Black middle Class” plight. According to the Pew Research Center, a non partisan American think tank based in Washington, D.C. tuition costs are outpacing students' ability to pay, while the amount of students taking out loans to finance their degrees have rose from 49% to over 69% and continues to climb.

The Graduate Debt Exchange Program is unique because there is nothing like it around. We're literally providing its members/Exchangers with resources that allow them to exchange community service hours volunteered for dollars paid directly towards their student loan debt. It's not a hand out but similar to other hardship programs, GDEP's Founder, recognizes that regular, hardworking people with families and "decent" paying jobs still need help, especially those who identify as "racial minorities".

The challenge dimension selected, assisting with access to capital, capital campaigns, and/or financial education and information is soundly one of GDEP's principles. GDEP is a pathway for creating a better quality of life for its members/Volunteers and the communities while simultaneously enhancing its Volunteers financial literacy and competency through educational workshops and resources to potential home ownership or in other-words, capital gain. GDEP is committed to the intellectual development and economic empowerment of racial minority communities based on the following: service, gratitude, education, spirituality, justice and integrity.

GDEP understands that once an individual enters into our program and begins to feel the relief from this economic repayment they still may not, in some cases, possess an adequate amount of understanding of debt and how to use it properly. With that in mind, GDEP plans to have quarterly virtual financial literacy sessions using the platform Zoom that'll be geared to help Exchangers understand the debt they have and learn how to utilize the debt relief resources provided to them. 

As mentioned, GDEP shall provide economic benefits to racial minorities (defined as any person who has African, Hispanic, Indigenous or Asian descent) with poor to low-income wages (defined by the National Low Income Housing Coalition whose house hold annually grosses 1%-80% of their prospective counties median income). And who, must be actively working full or part-time (30-40 hours per week) and furnish income verification. Students who are actively enrolled at a University or College are not required to meet the same requirements listed above. 

We've chosen to serve this group of people, because we identify with them. This idea is PERSONAL and came from many moments of shear desperation and not having a solution in sight. In America we're taught to believe in this "American Dream" but when faced with the pervasive strain of these financial realities it's quite evident that many of us are actually still fighting for freedom.

So here is a solution that will meet the needs of a large majority of people. Not only do the Exchangers receive the reward of debt reduction, they also receive the reward that comes from helping and serving non profits who also receive the reward in having additional support to uplift and sustain their mission.  

Additionally, GDEP will request each applicant to provide a copy of an unexpired valid ID, verification of current residence and list if they or any member of their household is receiving any other state benefits which may indicate the need for additional assistantship. GDEP wants to help put an end to the perpetually crippling divide causing this class of people, both racially and economically, hindering their advancement in society brought on by prejudices and discrimination. All due to the despairing differences that come from circumstances outside their control.

This mission will first be carried out in the state of Tennessee since that's where it's charter began but eventually branch out to other states as the nonprofit grows and resources grow. We hope to implement The Graduate Debt Exchange Program in all 50 states. 

Both actually. We plan to sustain them by supporting the needs of their own workers and teammates with this incentivize economic relief. 

GDEP’s goal and further exempt purpose is to be the first organization that has chosen for its member's to reap a financial and internally reward for committing to and completing acts of service. 

The Graduate Debt Exchange Program is a program that derived from a place of revelation. We realized that this solution has the potential to solve a major problem that has been highlighted and picked over in the media, politics, papers, articles, documentaries and at our very own dinner tables. A problem that is multi-ethic, multi-generational and effecting over 44 million people at the same time. Our solution's target audience is practically everyone. And if it's not you personally I'm sure you have a personal relationship with someone that does. Our solution will not only help those who went to college many years ago, but those that are in school right now and once adopted by Universities, will help students in the future. Free post education ceases to exist in our America and I'm not relying on the broken promises poured out by our politician saying that our student loan debt will totally be forgiven, but rather believing in a model as old as the dawn of time. Give and it shall be given back to you, pressed down, shaken together and running over. Choosing to plant seeds within The Graduate Debt Exchange Program, whether you're a member (Exchanger), Partner (partnering Non-Profits), Contributor or Staff, is choosing to place seeds in good soil that will grow abundantly and prosper. 

The Graduate Debt Exchange Program aims to allow members to create a flexible schedule to volunteer with the partnering nonprofit of their choice. We aim to highlight the importance of giving back and supporting the mission and purpose of the good works done by non-profits. We have the desire to gain partnerships nationwide and truly provide a realistic economic relief for a demographic of people that have become "the majority" in our society. We look forward to potentially helping increase the memberships of our partnering organizations while we improve the financial literacy of our members through quarterly virtual sessions that aim to help our Exchangers understand their debt while ultimately helping them break free from their scholastic shackles and changing the trajectory of their lives and lives to come. 

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However, we are thrilled and excited about getting this program picked up and adopted by small businesses in the future. Think about how a no cost to them incentive program like this can change their lives and their teammates lives. 

We are looking to touch as many lives as possible because this solution is indeed is a win-win for everyone involved. 

We’ll be surveying their experience from start to finish with questionnaires and polling.

We hope to partner with businesses, nonprofits, churches and Universities to help educate their teams, members and attendees of the importance of debt and the greatness behind serving others. Partners are required to sign an annual terms and conditions doc that lists our expectations of the role they play. We’ll host meet and greets giving them all an opportunity to get to know one another too.

Next year we would love to have enough financial and partnering resources to accept 10 Exchangers into the program. During the first six months we'll be testing out our website and mobile app making sure that data is retained properly. Exchangers can tract their progress in the palm of their hand. Being realistic, we are aware that there may be some hiccups along the way but we believe that if we start out small, prepare for the twists and turns keeping all parties in mind, it will, and very quickly be a well oiled machine. 

So in five years, I have no doubt in my mind that The Graduate Debt Exchange Program will be in all 50 states and our Universities will begin to adopt it within their very own campuses. 

My team has taken this very personal as many people will. It hits home and has affected us all. You take care of what takes cares of you. And The Graduate Debt Exchange Program will always be in a position to put its ppl first 

Simple, we cannot begin to provide this economic relief without financial support. We've created a nonprofit that essentially supports the idea of group economics and paying it forward at the same time. Truist's purpose is to build better lives and communities. And our idea is essentially doing just that in one swoop. We are building our communities by incentivizing our members with a monetary solution that can change their lives and the lives of the generations to come. 

We'd love to partner with other local non profits until we have the means to expand across the country. As a christian, I'd love even more to partner with organizations that are faith-based thus indirectly bringing its members to salvation while helping them pay off their student loan debt.