A College Student Breaks Free from Debt

“I just feel that organizations like the Economic Justice Fund are so helpful to people like me who are in tough financial situations.”

LANDAN

When Landan interned at a global tech company the summer after his first year at UCLA, he was excited by the opportunity to gain valuable professional experience and earn income. But when the internship ended, by the time he returned to school in the fall, he had accumulated high-interest credit card debts for the rent, food, and transportation costs during the summer.

“I was spending as if I was still working there,” he says. “I feel that’s what a lot of teenagers don’t realize. The charges quickly add up.”

He started relying on credit cards to cover his expenses, but when he maxed one out, he knew it was time to get a handle on his finances.

“I didn’t want all my money going to the credit cards,” he explains. “How it was looking with the interest and my payments; I wouldn’t have any money at the end of the month.”

Not wanting to involve his parents, who had already sacrificed financially to send him to college, he asked his sister for advice.

“She said, ‘You should reach out to the Economic Justice Fund because they were there for me.”

He decided to research EJF. He applied and was approved for a credit-builder personal loan to consolidate his credit card debt.

An easy application process

Landan says EJF’s application process put him at ease.

“It was all very simple,” he says. “Once I completed the application, I quickly got an email from someone who works at EJF, so there was communication throughout the process, which was super easy and very helpful.”

After receiving the loan, Landan immediately put the funds toward his high-interest credit card.

“I put $1,800 towards it, and I still had an extra $200,” he says. The money also helped him achieve an “overdue goal” to save more money.

“Usually, I would put like $10 or $50 towards my savings,” he explains. “But then the next week or so, I’m like, ‘Oh, I have no more money. Because the credit cards they’re eating up all my money, I need some to spend, so I have to use my savings.”

He also credits the loan with helping to reduce financial stress and putting him on the path to financial freedom.

Targeted by credit card companies on campus

Landan says credit card companies frequently advertise around his college campus.

“They’re always showing up to the games during the halftime shows or on the jumbotron, basically enticing the students to use their credit cards,” he says.

The practice, he adds, can introduce young people to a cycle of spending money they don’t have.

“They’ll say you can get these benefits at the student store or some other discount, but if you don’t have the financial literacy, it could really mess you up,” he explains.

Connecting young male students of color

Landan is passionate about serving others, especially young men, on their educational journeys. He’s currently working with a non-profit organization that connects young men of color with mentors to navigate to and through college.

Using his computer skills, Landan is preparing for the beta launch of an app he’s developed for the organization that connects young men to resources within their college campuses.

“This app is going to be kind of like social media for the students in the program to connect with their program managers or mentors,” he explains. “I just love helping people.”