Summary
Last Nations desires to assist ministers of the gospel to go to the unreached and to go as soon as they are healthy and financially able; therefore, Last Nations receives donations for Student Debt.
Churches, friends, and family members can donate, indicating which sponsored student they would like to support. These tax-deductible donations will be used to help offset the student’s loan burden in exchange for a certain time of service living among unreached peoples overseas.
Student Debt Program
Last Nations desires to assist ministers of the gospel to go to the unreached and to go as soon as they are healthy and financially able; therefore, Last Nations receives donations for Student Debt. Churches, friends, and family members can donate, indicating which sponsored student they would like to support. 100% of the donations (i.e., 0% goes toward overhead) goes toward eradicating the student’s debt so he or she can bring the good news of Jesus and His saving grace to those who have never heard.
In general, students are expected to raise their own funds. Ideally, while they are still in school so as to prevent the incremental increase of compounding interest. Once donations are received, Last Nations will enter into a contract with the student where he or she will become an independent contractor and we will quickly and directly pay on the student’s loan via his or her online loan repayment service.
Depending on the amount received and the future income potential if working within the USA: Students are contracted to serve as a missionary among an unreached people group for a certain number of years.
For example, if their trade on average would earn less than $50,000/year in the USA, then every $10,000 they receive in debt repayment will equal 1 year of committed service.
Or, if their trade on average would earn between $50,000 - $100,000/year in the USA, then every $20,000 they receive in debt repayment will equal 1 year of committed service.
Or, if their trade on average would earn above $100,000/year in the USA, then every $50,000 they receive in debt repayment will equal 1 year of committed service.
How soon does the Student need to leave for the field once the debt is paid?
The student must launch overseas within 24 months of the educational requirements being finished and the last dollar of debt being paid.
What if the Student is Later Unable to Serve?
If, for any reason, the student is unable to serve overseas among an unreached people group: For every unfulfilled year of committed service, the amount that the debt was repaid will be multiplied by 7% and turned into a Promissory Note, expected to be paid back to Last Nations over a 5 year period. These repayments will be used to help other students serving among unreached peoples. For example, if a student received $100,000, served overseas for 3 years but he owed 5 years of service (his trade would normally make between $50,000 - $100,000 per year in USA), then he would owe back $40,000 + 7%, so $42,800 to be paid over 5 years time.
Who can donate to the Student’s Account?
Anyone but the student himself or herself can donate to the Student’s Account.
Students are encouraged to find 10+ donors. These donors will receive tax-deductions by donating to Last Nations. Last Nations will then pay on the student loans in exchange for the students to serve long-term overseas as missionaries.
Additionally, if students are now working and making salaries then they are welcome to partner with other students, whereas they donate to each other’s accounts so as to help each other go long-term sooner.