I’ve been asked a lot about student loans lately, but since I was lucky enough to go to college without student loans in my name, I don’t have much experience paying them off. I can only thank my parents for that huge gift. We all know student loan debt is growing to an outlandish number. Until our government comes up with better ways to handle this explosion of costs and keep college tuition in check, people will be facing student loan debt. A company reached out to me with their new idea of how to help people pay down their debt.
I thought this would be a great opportunity to share their ideas and what they will do to help. Since they know their program best, I asked Shamil Rodriguez to write a nice post for the site. Shamil is the co-founder of StartNoo, so please listen up!
In an effort to continue the personal finance and saving money mission on DebtRoundUp.com, Grayson has invited me to share with you what StartNoo.com is all about and how we can save you money. If you are one of the 45 million Americans (or know of one) that carry student loan debt, then continue reading.
What is StartNoo?
StartNoo.com allows higher education students and alumni to exchange their service hours in the community for payments directly to their student loan or tuition expenses.
The platform is geared towards individuals that have a few hours a week to give back to their community. We have noticed that many graduates have delayed major life decisions such as purchasing a home or getting married because of the amount of student loan debt that they accumulated.
At StartNoo, we decided to create an incentive program that would motivate users to help themselves by helping others.
How Does it Work?
This is how the process works:
- Find a Location – You will search for a StartNoo Service Site based on your location.
- Select a Convenient Time and Place – Based on the available results, you will select a location and time that best fits your schedule.
- Receive a Payment – After your completed service has been confirmed, a payment for the hours that you have completed will be disbursed directly to your school or student loan company.
Where Will The Service Take Place?
The StartNoo service sites will be available based on your geographic location. We will be using our test group applicants as a gauge for locations to identify service sites prior to launching to the public.
Users will also have the ability to search based on the name of a particular organization that they are interested in serving to see if any opportunities exist in their community. If there isn’t an organization listed then the user can notify the StartNoo team to give us a heads up of what opportunities they would like to see listed in their community.
Can I Transfer to Another User?
Based on some of the conversations that we have had amongst our team, we have decided that it would be a phenomenal feature to allow users to transfer their, “StartNoo Dollars” to other users.
A close friend that became paralyzed after an accident inspired our team to add this feature. He has since been unable to work and we thought that the idea of being able to transfer our StartNoo Dollars to help him (or others in his situation) cover his student loans would be a great idea – so we thought you would like to be able to do that too!
When Can I Join?
We are currently accepting applications for those interested in participating in our test group, which will be conducted for a month beginning, August 15, 2015.
45 applicants will be selected to participate in the test group. Each of the 45 test group users will receive $500 for their student loans or tuition expenses. The deadline for applications is set for June 30, 2015 at midnight (EST). However, there is some talk about moving it to PST for our west coast friends. 😉
We anticipate launching to the public in the fall following the completion of the test group and any adjustments made to the StartNoo service based on our feedback.
If you have any questions, comments, or simply want to share an idea with our team, you can reach us directly at Twitter.com/StartNoo
I want to thank Shamil for this post and for co-founding a company that is looking to help people pay off their student loan debt and give back to the community. That’s an ambitious goal and one Debt Roundup can get behind. I hope this community will help champion this cause and also share this with their social network. Let’s get the word out!Here's a new way to help pay off #studentloandebt. Giving back and reducing debt! Click To Tweet
This Free Tool Helped Me Pay Off $75,000
Sometimes all you need is free! I opened a free Personal Capital account back when I was in debt and it helped me get control of my financial lifestyle. Since paying off $75,000, I’ve been able to save over $180,000 and I couldn’t have done it without Personal Capital.