Reframing the American Dream: How one donor family is helping to eliminate student debt in Atlanta

By Quameiha Raymond-Ducheine, storytelling associate

Higher education has long been considered a cornerstone of achieving the American dream: the promise that with an education, one could secure a quality job, buy a home with a white picket fence and live out the American dream. But that dream is not inclusive, and for many Americans juggling the rising cost of living, stagnant wages and mounting debt, it’s unattainable.

Brian Friedman, a former Community Foundation for Greater Atlanta board member, is contributing to efforts that relieve student debt, enabling more people to experience financial stability. Friedman graduated from college in the 1980s, paying for college with a commission sales job he worked during summer vacations. He says that many people he knew “were paying their way through school, without taking out a lot of debt.” Rarely is that the case today. In Georgia alone, residents collectively owe $66 billion in student debt, with an average of about $40,000 per borrower.

Friedman’s perspective on poverty changed dramatically after traveling to various countries and seeing the severe lack of infrastructure. A deep dive into Robert Putnam’s books and observing the extent of poverty in metro Atlanta further opened his eyes. “The issues of poverty and lack of upward mobility in metro Atlanta are definitely influenced by race as well,” Friedman emphasized, referring to research by the Atlanta Wealth Building Initiative, which found that a child born into poverty in Atlanta has greatly diminished chances of ever achieving wealth.

In 2023, the Community Foundation for Greater Atlanta launched a Student Loan Debt Pilot program. Since its launch, the program has paid off student loan debt in full for 13 Atlanta residents, totaling $282,376. Brian and his wife, Vanessa, were the first donors to support the program. “The anchor of student debt that people carry creates a detriment to being able to grow and move forward financially,” Friedman said. The Friedmans’ longstanding commitment to philanthropy is evident. They opened their donor-advised fund in 2000 and have committed to giving annually to their fund and other philanthropic efforts. As a financial planner, Friedman strongly believes that philanthropy has a positive impact on both society and a family’s well-being, so he feels all families should have a strong philanthropic component in their overall plan.

Friedman is a managing director at Wellspring Associates and has more than 25 years of experience providing comprehensive estate, philanthropic and business planning for affluent families, family offices and their advisers. He has found that “the families that are able to maintain their wealth over generations are typically more generous and outward-focused, as opposed to the families who try to hold onto their wealth too tightly”.

Relieving student debt eases the burden of making monthly payments, which can lead to greater disposable income for borrowers and their families. Studies also show that eliminating student debt can enhance living standards and positively influence decisions about employment, home buying and overall economic health. The Friedmans hope to see an Atlanta where “… no matter who your parents are, or what neighborhood you’re born in — you have an equitable opportunity,” and sincerely believe that this program will help achieve that goal.

The Community Foundation for Greater Atlanta’s 2024 Student Loan Debt Relief Program is now open for applications. Please click here for more information or to apply.