Currently, outstanding national student loan debt is over $1 trillion, $864 billion of which is backed by ye olde federal government. According to the Center for American Progress, the majority of those loans have an interest rate higher than six percent — generally speaking, twice the average mortgage rate and is thrice the rate at which the government borrows. In the American education system… → Read More
Debt-management focused Student Loan Hero is ramping up the competition in the “Mint for Student Loans” space, with now 2,000 people on board, $63 million in debt under management, a platform built on proprietary technology (not Yodlee, like some of its nearest competitors), and a little bit of seed funding from Expansion VC. → Read More
New York City-based CommonBond aims to bring the power of crowdsourcing to bear on student debt by connecting student borrowers and alumni investors and offering loans at a lower fixed rate than… → Read More
Student debt is a very serious problem that can no longer be ignored. Recently, student debt in the U.S. topped $1 trillion, eclipsing both national credit card and car loan debt. Naturally, a debt crisis of this proportion didn’t grow over night; it’s been coming for years. So, in 2011, a group of Stanford business school grads decided to start Social Finance, with the goal of transforming the… → Read More
Last October, we wrote about Binksty, a young startup that aims to give college students saddled with debt a one-stop shop to manage loans, pay off debt, as well as educate them on the best ways to save money. The student loan situation in the U.S. was atrocious then, and it continues to be atrocious now.