Eradicate Mimi's Student Loan

I reside in Minneapolis, Minnesota, where I was born and raised.  I have a passion for assisting individuals with barriers to employment and education to reach their goals. I’ve done a lot of volunteering, giving back to my community, and love helping people in general.  I am not asking for help out of pity or here to tell you about this rough life experience I’ve faced. I’m not battling a terminal illness, nor do I have a grave story to tell. I’ve had my battles and challenges in life, but probably not worse than the next person.  I’m just a passionate, hard-working female who is overwhelmed by student loan debt and who needs dire help getting rid of it.  

I decided to take a leap of faith and use this medium to get my student loans paid off before my new baby comes or before the end of the year. I know this seems like an absurd request, but I am taking a massive leap of faith, and I’m determined to have this end.  Also, I’ve held on to some Christian principles that if you ask, you shall receive, closed mouths don’t get fed, knock, and the door shall be opened.  So, I am opening my mouth, I am knocking, and I am asking in hopes that I will receive relief from this burden.  

I have my first baby on the way in November, and my husband recently joined the Navy (a life long dream of his) and shipped out on November 29.  He will be back in February after the birth of our child.  It’s my prayer that I don’t have the burden of the student loans by the time my baby arrives or by the time my husband comes back. I want to move forward in life, and having these loans gone will be a huge burden lifted off my back! I know that thousands of individuals could use the same relief.  It doesn’t change the fact that I need help, and I can no longer hold back from asking.

I have been ashamed of this debt and hiding it, but I decided to be vulnerable,  put myself out there, and acknowledge that I need help. I decided to set up this Go-Fund-Me account and to see if I can get a community of supporters to help me with this burden.  Whether you contribute just a small amount or have a nudge in your heart to pay-off the entire thing, I’ll be most grateful either way.  I know some people will laugh at me as they read this, but I am serious to the core, and I am desperate. I truly believe that there are people out there who are willing to donate; I won’t know until I put myself out there and ask for help, so that’s what I am doing.

Since I started educating myself more on finances and mapping out a plan for myself and my family, I’ve realized how much these loans are holding me back. They have affected me from moving my business forward, refinancing my home, getting approved for good interest rates, being able to focus on savings and other investments for the future, and more. 

These loans have been the bane of my existence, and I decided that I refuse to step into 2021, carrying this burden. I know the government has made the student loan interest rate to zero until the end of this year.  While this is very helpful, it’s not going to make a dent in my loans that are inching to $200,000. 

My loans are astronomical, and I can’t keep up anymore. What started as a $65,000 student loan debt out of school, is now at $190,000. I didn't even go to medical or law school! My original principal loan was $65,000 when I finished school.  The rest of the balance now is a result of the interest that has been charged.  What’s making the loan multiply is the fact that as I am charged interest on the principal, that same accrued interest is tacked onto the principal amount, and then I am charged interest on the new principal.  Therefore, instead of my principal balance to go down as I pay the loan, it is going up (It’s just ballooning in a crazy way).  My current principal amount that is being used to charge interest is now $165,000, and then I have an outstanding interest of $23,000.  It just doesn’t make sense.  The principal keeps growing, and there is no way I’ll ever catch up. 

I was trying to do the public service loan forgiveness where you work in public service full-time for 10 years, and your loans are forgiven.  I’ve lost hope in this option because when I submitted my employment verification documents, I was only given one year of service credit.  I have been working in public service since 2008 but I didn’t know about the program until 2015. It appears that only 1-2% of the applicants who have applied for the public service loan forgiveness have actually been approved. Who knows if funds will still be available by the time I accumulate the approved 10 years of service.  The interest is just growing at an exponential rate that I feel is out of control. At this point, I don’t see a way out, except it only gets canceled or paid off. 

I no longer want my student loans to be a barrier to being able to accomplish my personal goals.

Thank you for reading this in its entirety and thank you for your support.  May God bless you immensely.
  • #1 fundraising platform

    People have raised more money on GoFundMe than anywhere else. Learn more

  • GoFundMe Guarantee

    In the rare case that something isn’t right, we will refund your donation. Learn more

  • Expert advice, 24/7

    Contact us with your questions and we’ll answer, day or night. Learn more