Washington College’s Dam the Debt initiative has gained more momentum after College President Sheila Bair announced a $200,000 commitment to the program from blooom, an innovative online investment management company. Bair traveled to her home state of Kansas to participate in a ribbon-cutting for blooom’s new office in Leawood, and to thank blooom for its support of her initiative to address the issue of affordability in higher education.
“It’s always a pleasure to come home to the Midwest, and this visit has been especially gratifying, thanks to the generous support from blooom,” Bair said. “Their strategy focuses on helping average people better manage retirement investments, so they truly understand the critical importance of developing a philosophy of savings as the basis for financial stability and strength. We’re grateful for their partnership with Washington College to help our students leave college with less debt, enabling them to invest in their financial futures sooner rather than later.”
Dam the Debt seeks to reduce the debt levels of seniors at Washington College through the generous support of partners and donors. Senior students who are eligible to graduate will see their total student debt reduced through a nontaxable adjustment of their financial aid award. Blooom’s commitment to the program is $200,000, broken into $50,000 a year for four years.
“We applaud Sheila Bair and Washington College for their national thought leadership and innovation in improving a student debt system that often makes it hard for our young people to save and prepare for their futures,” blooom CEO Chris Costello said. “At blooom, we are thrilled to contribute to such an innovative program, and one that is so closely aligned with our mission to help America’s middle class prepare for a dignified retirement, starting as early in life as possible. We thank you for the opportunity to contribute to this important cause.”
Washington College provides more than $23 million in grants and scholarships every year, with more than 90 percent of students receiving merit-based scholarships or need-based financial aid. Dam the Debt affirms the College’s strong commitment to mitigating student debt without compromising educational quality and support services. Blooom’s support, says Bair, is invaluable to helping reward the hard work and dedication of students who have used every means possible to seize the opportunity to attend one of the top liberal arts colleges in the country.
Blooom joins BB&T and others in supporting Dam the Debt, an initiative that Bair launched immediately after her inauguration in September 2015 as Washington College’s 28th president.
Elsie Cole says
I definitely never would have thought that investment management could help so many students get out of debt. It really seems like you have invested in a great program. It is always so sad to hear about all of the student debt that is out there.