Carey Donaldson with New Beginnings
Everyone’s story is different. New Beginnings is a student loan advocacy company. Started as student loan consulting but changed to advocacy because people need the person in the middle that can help create plans of attack for people when they need help with different ways to pay their loans. The standard repayment programs are very lengthy, have large payments and high-interest rates. Carey will look at the whole picture and guide through the process for loan forgiveness, monthly savings, and/or lower interest. In general, they specialize in loan forgiveness.
New Beginnings was started 5 years ago by Carey. Before starting her company she was a middle school teacher. During these years she noticed that many of her coworkers struggled with the same issue... student loan debt. Carey's idea customers are individuals that are employed and have over 20k in debt.
The largest effect that New Beginnings has seen during the pandemic is the Cares Act. This has allowed people to not have to make their federal student loans. When the Care Act ends, individuals will have to start making their payments again, even if they are unemployed, have decreased income, or have been impacted by Covid in some way.
When people had been furloughed, Carey was able to take specific variables and decrease her clients' monthly payments. During the time that the cares act was implemented, every single client with New beginnings has $0 payments and interest accrual, which has significantly increased their loan forgiveness!
We all learn something new from owning a business. For a while, Carey was avoiding outsourcing, "It can be scary financially for someone to come into something you love so much, wondering if they’ll love it as much as you". In the end, she discovered that outsourcing was a good move for her and her business.
What is inspiring Carey: "I’m helping change lives. Student loan debt is an epidemic – bigger than credit loan debt. Showing people that there is a better way to pay off student loans and to be able to provide them with long-term results that will help them retire, go on a trip or not feel financially strapped is my passion."