Achievement Unlocked: 501(c)(3)

👋 Hello all!

It’s been a few weeks since our last update — I’ve been on vacation with my family and working on some very intense projects at my day job. I hope y’all are doing well.

The IRS Thinks We’re Cool

The big news: We are officially a 501(c)(3) non-profit charity, which is a crucial step toward our goal of forgiving student loans.

This does two things —

First and most importantly, this official recognition by the IRS protects the people we’re trying to help.

Without our 501(c)(3) status, the balance of any loan we cancel could be considered a taxable gift by the IRS. For example, forgiving a $50,000 loan would be equivalent to giving someone $50,000, creating a huge and unexpected tax bill for someone already struggling financially.

Thankfully, that won’t be a problem! Now we can give any amount without causing a tax headache for the people we’re helping.

Of course, there’s a second benefit to our 501(c)(3) status: The benefit for you is that your donations to the Dead Ledger Society are now tax deductible. If you were an early contributor, this applies retroactively to your donation. If you’re thinking about donating, please do! We’ll send you a receipt at the end of the year containing all of the information required by the IRS for a full deduction of your contribution.

I love it when everyone wins. ❤️

Loan Progress

In our last update, I shared that we were in legal discussions with our debt buyer regarding how to buy and forgive a $45,000 student loan. We’ve reached an agreement, and the next step involves borrower consent.

I expect we’ll have some very good news in the next week or two!

In the meantime, we’re on the hunt for the next round of loans to cancel. No sense in waiting around …

The 🤬 Debt Book

Before my vacation, I had several excellent conversations with publishers, printers, distributors, booksellers, marketing companies, and (of course) artists interested in the project. I’m learning a ton about the publishing industry and excited to get back into it next week.

Forgiveness in the News

The awesome folks at RIP Medical Debt made headlines last week! They’re one of the inspirations for the work we’re doing at the Dead Ledger Society, and it’s great to see them in action.

What kind of party do you think we should throw when we forgive some student loans? 😁

Cheers!