How would you feel about a company which will not only skill and place jobless people but will also share their spiralling burden of repaying the education loan? Too good to be true, almost utopian !! Right ? But, that is what a visionary Immigrant turn United States Citizen along with his dynamic team has set out to achieve. Driven by his aspirations to excel in life and ambition to fulfil his American dream, Yogesh Sharma a life science consultant, realstate agent and non profit real state agent started working for American citizens. His innate ability to connect with people easily and strong passion to help other people grow in life brought him in touch with other likeminded professionals. Their brainstorming sessions, long deliberations and in depth industry analysis resulted in the conception of this path breaking business idea which promises to address two critical problems of the US: Education loan debt and Unemployment
Rising student debt is one of the creeping threats in the US. There are 45 million borrowers who collectively owe nearly $1.6 trillion in student loan debt in the U.S. Student loan debt is now the second highest consumer debt category – behind only mortgage debt – and higher than both credit cards and auto loans. Economists project an accumulated student loan debt of $2 trillion by 2021, and, at a growth rate of 7% a year, as much as $3 trillion or more by the end of the next decade. It is not only a crisis for students who leave schools holding promissory notes worth an average of $37,000,It is also a crisis for lenders experiencing significant default rates and, perhaps, a crisis for the federal government, as it guarantees these student loans.
But the problem is more nuanced as it affects the borrowers personal and social lives as well. The obligation to repay the loan with hefty monthly instalments creates a cascade of pressures compelling many to put off traditional life milestones which require financial commitment. Consequently, they delay buying a house, getting married, having children and saving for retirement. It is evidently limiting the percentage of young people who start a business or try to do something entrepreneurial. The high levels of student debt are also serving to perpetuate and even worsen economic inequality, undercutting the opportunity and social mobility that higher education has long promised.
In the wake of these staggeringly high figures and seemingly insurmountable hurdles , Free education staffing ,a non-profit brain child of Yogesh, has come up with a novel and noble idea of contributing profit to repay the education loan of students who will be placed as contractors, consultants, fulltime employees with various clients. Depending on size, number of placements and type of clients , staffing and recruitment companies on an average make $100,000.00 net profit every year. Aiming at serving in Healthcare, IT and Administration, FREE EDUATION STAFFING is expected to make $ 300,000.00 every year. With its presence in 300 major cities in United states , It promises to contribute average 300 Million annually toward 1.5 Trillion US education debt. Further, it aims to provide trainings to future recruiters and create more than 5000 jobs in diverse sectors. Recruitment industry has seen an unprecedented rise and it will require experienced, skilled and trained contractor and fulltime employees. Hence , the idea is to bring off shore staffing jobs back to United states and reduce unemployment rate by promoting recruitment as career. In order to satiate this demand and equip students with necessary skills, Free education staffing has designed a comprehensive module catering the needs of ever evolving recruitment industry.
Though the menace of education loan debt is too big and complex to be completely addressed by one initiative, but as long as the step is taken in the right direction and reasons are well founded, it has the potential to combat the crisis. Riding on this spirit of optimism ,Yogesh and his teammates are all forward-looking and gearing up to put their plan into action soon.