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Dam the Debt

Dam the Debt

As Former College President Sheila C. Bair noted at her inauguration in September 2015, borrowers are putting off the commitments that mark the major life choices that help keep our country strong—saving for the future, buying homes and cars, and even starting families.

“Just as subprime loans hurt our economy as cash-strapped borrowers struggled to pay their mortgages at the expense of other consumer spending,” Bair said, “so do high student debt loads promise the same negative impact on economic growth.” 

Washington College graduates who have financed their education hold an average debt of $35,000. While the College provides more than $23 million in grants and scholarships each year, it’s clearly not enough.

So what more can we do to relieve the burden of debt and help our young graduates thrive? How do we meet our responsibility as George Washington’s college to build a stronger, more fiscally sound America?

Dam the Debt is Former President Sheila Bair’s answer to those questions. As part of her initiative to make a private college education more affordable, Former President Bair seeks to adjust the financial aid award for every senior carrying debt at the time of graduation. Calling for an additional $1 million in scholarship funding each year over the next four years, Dam the Debt can reduce student borrowing by one-third, and help our graduates contribute to a growing national economy.

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