Since the average college student graduates with debt easily equal to the down payment on a nice house, who wouldn’t jump at the chance to put a dent in their student loan debt?
The Erie Community Foundation’s new Pay It Forward Fund will do just that. As a way of keeping talented young people in Northwestern Pennsylvania, the fund will provide grants to help recent college graduates pay off their student loans. Those who receive the $500 awards must have earned a bachelor’s degree within the past five years and live and work in Crawford, Erie or Warren counties. Applications are due in September and the first awards are expected to be given out in November.
The grants are partially a way to curb brain drain, says Mary Bula, VP of the growth partnership division at the Erie Regional Chamber and Growth Partnership, which will award the money. Another equally important goal is to encourage young adults to contribute to the community themselves. For that reason, applicants have to explain their plans to enhance life in Northwestern PA through community service, future charitable donations or simple acts of kindness.
The Pay It Forward Fund started with a donation from the McDaniel family of the Erie County town of North East. The community foundation is seeking more donors.
Source: Mary Bula, Erie Regional Chamber and Growth Partnership
Writer: Rebecca VanderMeulen