![]() ![]() ![]() CommonCents (University of Chicago) - Founded by UChicago recent grads Maggi Heneghan, Madeleine Barr, and Reshad Monsur, CommonCents is a savings app for paying off debt faster.Simplifi (Yale School of Management) - Founded at the Yale School of Management, Simplifi aggregates data from across loan providers to provide borrowers with a comprehensive overview and insights into their student loans, along with a loan dashboard to track all their information in one secure dashboard.They help guide borrowers through the repayment process. These startups are traditional “personal finance” companies– mobile apps, online dashboards, automated savings tools, and resources for managing student debt. These companies can be categorized into three approaches: Borrower solutions (like Simplifi), lender solutions, and employer-benefit solutions. In fact, the rise of FinTech products targeting student debt is perhaps the most glaring trend we’ve seen in the student startup ecosystem since starting Rough Draft Ventures, General Catalyst’s student-focused program backing founders at the university level, five years ago. Simplifi is just one in a crop of student-founded startups that aim to address the nation’s student loan crisis. As borrowers ourselves, we are committed to helping every one of our users better navigate the costly, complex repayment process so they can get out of debt as quickly as possible. “Sadly the options are limited, but at Simplifi, our goal is to fundamentally change this overwhelmingly negative experience. “Millions of borrowers are struggling with student debt and there’s undoubtedly a need for better solutions and innovation in this space,” Sealy says. Simplifi’s sleek loan dashboard brings transparency and order to this convoluted and fragmented process.ĭisclaimer: Rough Draft Ventures is an early investor in Simplifi. Department of Education and private loans from financial institutions– each with different interest rates and terms, and each requiring repayment across an array of antiquated web portals with poor customer service that leave borrowers with more questions than answers. Currently, most borrowers are on the hook for a confusing cocktail of federal loans issued by the U.S. Alongside his former classmate Paul Joo, a current Yale MBA and JD candidate, and product specialist Vincent Tran, Sealy started Simplifi, a startup that is building a much-needed platform to help student loan borrowers maximize their savings and reduce stress throughout the repayment process. Take Will Sealy, a recent graduate of the Yale School of Management, for example. Instead, they’re redirecting this energy into building innovative solutions for themselves and other borrowers. Despite these staggering statistics, some students are not discouraged. ![]()
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