August 1, 2010

Can’t Afford to Buy a House? Try Begging for One.

The high cost of college debt has led to a lot of critical discussion.  It’s not much of a surprise that one proposed solution is cyberbegging.  A couple of college grads tried it, and then set up an extended website so anyone else could ask for help with their educational loans.  When it was just for the two of them they called it CollegeDegreeFund.com (domain name now for sale), but they’ve rebranded it this year as SponsorMyDegree.com 

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You can head on over to the site (Note: it may no longer be working) if you want to see the kinds of pitches college students make when given a chance at free money.  The site founders say that pushing your SponsorMyDegree page in other social media leads to more money (not that SMD has raised much for anyone). While the founders hope for corporate grants leading to some later brand loyalty, thus far “donations” (which are not tax-deductable) have been from individuals, while internet blogs and other news sources treated the idea as either a big joke or in very poor taste.

So how about the next step in e-Mooching?  If the high cost of college debt means that today’s grads will never be able to float a mortgage, how are they going to ever become homedebtors? They must be forced to be productive members of society whether they want to or not.  The entire US economy could collapse!

Yes, you got it.  SponsorMyHouse.  Imagine little “gift suggestion” cards for both online begging sites tucked into the next wedding invitation or birth announcement you receive.  SponsorMyHouse.  No need to choose wealthy parents who can buy you a starter home in Los Altos Hills, just hit your 150,000 closest Facebook Friends and Twitter Twerps up for SponsorMyHouse.  If you can come up with a $1.5M down payment, then a $10,000 30 year mortgage shouldn’t be much of a problem, despite your joint $375K in educational debts (hey, did both of you have to get professional degrees?)

SponsorMyHouse.  It’s such a great idea, somebody already registered it.  Here’s a look at some of the profiles we could see on SponsorMyHouse.

Ed McM

I lost my home to foreclosure, and what’s worse, everyone knew all about it!  It’s going to be a traumatic time for everyone, there’s no doubt about that.  Now I’m saving up for my next mansion.  You may have already helped me buy it!

Larry E

I had to walk away from my Japanese place after the assessor’s office said it was only worth half what I paid for it.  We have no large acquisitions in mind right now, so I need investors.  And a 40 percent operating margin.  The fact is that the buying climate remains very tough. There aren’t so many big deals around anymore.

Mark Z

People on my block thought I was a transient lowlife since I rent.  I signed up because everything needs to be social.  Won’t you and all your Friends click here?  I’m not looking to take this money and go do a bunch of things with it immediately.

Meg W

I was not as engaged in the political process as I should have been. I was busy doing other things.  Like taking equity out of my house to fund my governorship.  While you’re here my campaign needs donations too.  Someone who needs cash might dig up a DVD player in the closet and sell it to someone else wanting to save money by buying a used item.

Coming Soon:

  • SponsorMyHeloc
  • SponsorMyForeclosure
  • SponsorMyBankruptcy
Comments (5) -- Posted by: madhaus @ 5:05 am