Before Fifth Third stepped in to help Ford financially, she was in debt for $185,000 owed on her student loans.
She is not alone, according to Crawford.
“Jasmin’s story exemplifies the choice many Americans face when they strive to build a better life for themselves and their families through higher education," he said.
Crawford also said that the reason the bank chose to help one of its customers out of debt was to humanize the problem.
“When we did our initial research, we found that student loans were an emotional burden on people that can be paralyzing,” he said. “We wanted someone that would inspire others to make a difference. We’re in the people business and we want to build strong communities (through example).”
Crawford led the bank’s research of millennials and their financial needs.
“Fifth Third Bank recognizes that for many people the only available path to a fulfilling career with a promising future includes being saddled with debt," he said. "This is a woman who chose to lift herself out of poverty in a career dedicated to helping others.”
In an interview with Financial Advisor, Crawford offered his recommendations for paying off student loans earlier, rather than later in life.
Crawford said that one of the simplest, most effective ways to reduce student loan debt faster is to make an additional payment above the minimum amount required each month.
“That can make a difference,” he said. “If you round up, typically $25/month, you can pay it off faster.”