Friends Helping Friends: A Community-based Solution for Tackling Your Student Loan Debt

You put all this time and effort into your education and now you’re footing the bill. Know that you don’t have to do it alone - Friends Helping Friends is an accessible way for others to chip in. Read on to learn how Paidly’s newest service can help you take down your student loan debt.

Let others help lighten the load

Being debt-free after higher education is no small feat. According to the U.S. Department of Education, the average amount of student loan debt in 2024 is $37,853. It takes the average borrower twenty years to pay that off. That means if you graduated in Spring 2024, you’ll likely still be paying off your degree in 2044.

We know student loan debt is daunting to think about. But no matter how much debt you have, you deserve help paying it off. That’s why we made Friends Helping Friends - so you don’t have to shoulder the burden alone.

Friends Helping Friends is a service within the Paidly platform that allows individuals to raise funds toward student loan debt. It’s free, it’s simple, and it’s the easiest way for your community to help you achieve financial freedom.

Financial independence, sooner than you think

Think of Friends Helping Friends like a personal fundraising platform for your student loan debt. Any donations go toward supplemental payments on a loan of your choosing. You’re still responsible for making monthly payments, but by recruiting help from friends and family, you can drastically cut down the accrued interest and amount of time it takes to pay it off.

Let’s say you have the national average of student loan debt: $37,853. Add in an average interest rate of 6% with monthly payments of $300. If you were to rely solely on what you’re required to pay, you’re looking at seventeen years of payments and $22k in interest alone.

With just $25 in donations a month from your community, you could save over $3,000 and pay off your loan two years sooner. You heard that right - $25 a month (that’s a few iced coffees) and you could be years closer to financial independence.

Want to see for yourself? Check out Paidly’s Student Loan Payoff calculator to see how much using Friends Helping Friends could save you.

Are extra payments worth it? Let's find out.

Check My Savings

Get support from anyone, anywhere

Though you’ll need an account with Friends Helping Friends to link funds to your loan (we’ll get to that in a minute), no account is needed to make a donation. Donors just need internet access and a credit or debit card. With a few clicks, your loved ones and acquaintances can help pay off your debt. If they know how to shop online, our easy-to-navigate platform will be a breeze.

So share away! When people ask what to get you for a holiday or your birthday, send them your Friends Helping Friends link. Put the link in your social media bios and email signature. Post about it. One of the most important steps is letting your community know that paying toward your student loan is another way they can support you.

Worried about others knowing how much debt you have? Don’t be! Though student loan debt is nothing to be ashamed of, we never share your loan details with anyone and donors can’t see your remaining balance when they contribute. Your information is SSL and database encrypted, keeping your personal information just that - personal. Learn more about how we protect customer data.

Leave the heavy lifting to us

Once you’ve let others know how they can help, your work is done. When you have $25 worth of donations in your account, we’ll automatically deposit it as a supplemental payment on the 15th of the month. Don’t have enough one month? We’ll carry your balance over until you do so you never have to worry about losing out.

And donations go directly into a loan of your choosing - no need to remember due dates or to transfer across accounts. Like we said, leave it to us. We got you.

A small fee keeps us running… and you might be able to get it waived

Friends Helping Friends takes a small service fee from every contribution to help maintain our platform. Fear not: 90% of donors choose to cover part of the fee, and with the average contribution at $25, you could have money ready to deposit toward your loan after the first donation. And just like that: cha-ching! More of your student loan debt paid off.

If your employer is already making supplemental payments toward your loan - great! Go ahead and double-dip. Even better, if your employer is already using a recurring benefit plan through Paidly, part of the fee will be waived automatically. With fundraising from your community in addition to your employer, you’ll be that much closer to being debt-free.

Signing up is quick, easy, and (most importantly) free!

Making an account with Friends Helping Friends is simple and free. You’ll just need to share some basic information about you and your loan. In less than five minutes, you’ll be ready to go. Crowdfunding at no cost to you, ever.

So what are you waiting for? Take a step toward financial independence by signing up with Friends Helping Friends today.

Still have questions? We have answers! Visit our Friends Helping Friends info page or send us an email at [email protected].