Sometimes the most powerful work is the result of simple yet strategic connections drawn between previously unconnected factors. In the case of RKS Design's latest project, LoanGifting, the initial idea seemed so straightforward that the whole team was left wondering: "How has nobody come up with this yet?" Stemming from a belief that education is the necessary future, the basic premise of the initiative is to allow family and friends a way of helping their loved ones going through school by creating a platform whereby they can submit payments directly toward their student loan—essentially creating a bridge between the student's debt and their support system. "Universally, families love nothing more than to see their children get educated," notes RKS founder Ravi Sawhney. "Now, we have this crisis where the government doesn't support higher education and people are forced into taking loans, but the underlying need and desire to support those who are seeking higher levels of education is still there...they are the ones who are going to make the world a better place for everyone, right?"
To begin brainstorming ways of addressing this massive issue–currently affecting 40 million individuals—Sawhney brought on a diverse team of practitioners, including Cognitive Anthropologist Dr. Robert Deutsch, who used his analytical background to carry out a series of deep-dive interviews with people affected by the student loan crisis in various ways. "We talked to people about what it feels like to own debt, we talked to people who have advanced degrees and are managing their debt, we talked to people who had to drop out of college because they couldn't bear the financial burden, we talked to parents who support kids and help them pay down their debt and we also talked to philanthropists," explained Sawhney. This empathetic approach revealed vital insight in the form of the recurring image of a once hopeful person, bogged down and drained by the seemingly insurmountable fact of their debt. Herein lies the disconnect that fueled the project: "Debt is a very negative word but taking out a student loan comes from positivity—it means that you're bold, brave, optimistic and that you're investing in your future and in your ability."
A focus on empathy and connection runs throughout the process. Students create personal profiles on the LoanGifting site, allowing them to highlight their individual goals and aspirations. Each profile can be set to either reach the person's close network of family or friends, or opened up to the entire LoanGifting community. While LoanGifting is ultimately a for-profit organization, from the beginning Sawhney has focused on giving back. 10% of profits will go toward building schools in underdeveloped countries and other long-term goals include contributing to scholarship funds at various colleges and universities—at least until they have the means to set up their own funds. "It's not only about helping people see the light at the end of the tunnel, but more so about allowing people to create the light at the end of the tunnel."
Create a Core77 Account
Already have an account? Sign In
By creating a Core77 account you confirm that you accept the Terms of Use
Please enter your email and we will send an email to reset your password.
Comments
Look great! Sign me up!
Wow…. this is the greatest idea ever. I know many people who could take advantage of this great opportunity. Student debt does take couple of years away from your life. It delays your dreams since it could be seen as a bad factor in case someone wants to apply for house mortgage or even car loan. I guess I won't be giving 'material' gifts this Christmas, LoanGifting will be my friendly way of helping my loved ones' lives.
What a great way to help struggling students. I know a lot of people who are really burdened by their loans and can't pursue their dreams due to their debt. My family and friends will definitely be using this site, and in perfect time for the holidays!
Wait, so let me get this straight. I pay you to pay my friend or family member? Couldn't I just, you know, pay my friend directly? Seems like a complete waste of time and money. If you cared so much about student loan debt then you wouldn't be profiting off of it. What a joke.
I tried to get my loan information and couldn't. But this service pulled them all in, with a few key clicks. Its great to see people help one another anyway they can. Paying off a student loan debt directly into a loan account is virtually impossible, give it a try. Otherwise, it would be great if all companies run on air and provided free financial services. Lets get the banks to start.
Wow…. this is the greatest idea ever. I know many people who
could take advantage of this great opportunity. Student debt does take couple of
years away from your life. It delays your dreams since it could be seen as a
bad factor in case someone wants to apply for house mortgage or even car loan. I
guess I won’t be giving ‘material’ gifts this Christmas, LoanGifting will be my
friendly way of helping my loved ones’ lives.
If I had a family member willing to give me $60 a month, how the hell did I end up with debt in the first place? Not sure the site has much logic to it.
No responsive design? Probably should have invested a little less in Dr. Deutsch interviews and more on the design.