AfterSputnik

Sputnik. The Soviets called it “just another rocket launch.” American politicians labeled it “a propaganda coup.” Scientists call it the “satellite that inspired generations.” You call it “student loan debt.”

That’s right. For many of us who took the complex math in college, Sputnik + The National Defense Education Act = Student loans. Here’s the origin of the equation: In 1957, during the United States’ and Europe’s International Geophysical Year (IGY) – a year in which both regions hoped that extra attention on Earth and space would stimulate innovation – the USSR essentially stupefied the world by launching the Sputnik Satellite.
Flummoxed and perturbed by their sworn enemy and chief competitor, U.S. politicians and policy makers overwhelming realized the importance of public education and devised the National Defense Education Act (NDEA) the following year, declaring every American’s right to advanced schooling. By guaranteeing institutions of higher learning with 90 percent of capital funds for low-interest loans, the U.S. eventually paved the way for federal Perkins loans, Stafford loans, private loans, good ol’ Sallie Mae – and lots of interest reaped from the millions of us college grads in education debt. Data is not readily available from the program’s inception in 1958 through 2002, but in 2003-2004 the government awarded nearly $39 billion in federal student loans. Today, more than $6.2 billion of loans in the program are in default, according to the Federal Family Education Loan Program.

AfterSputnik is the next mathematic breakthrough in higher education – the grassroots solution Washington insiders could never devise when Americans needed direction, not deficits. An organization created by disgruntled debtors, AfterSputnik aims to extenuate U.S. student loans (or at least a good portion of them) through financial literacy, a monthly loan lottery and a community of resources. With these creative solutions and a commitment to debt freedom for all, AfterSputnik will take the sting away from education and move people toward an erudite, satisfying future. Please join us on this expedition.