Student Loan Genius
Over 50 million people in America have student debt. With an average of $35,000 per student, the total student debt is approximately $1.38 trillion. These loans take decades to pay off and lead to credit and cashflow problems for graduates. Much like a 401k program where an employer helps its employees save for retirement, Student Loan Genius provides an online platform for employers to make contributions to pay down student debt for their employees.
An online platform for employers to make contributions to pay down student debt.
The company can help reduce monthly payments by an average of 49%. With a $100 match from employers, clients can pay off loans five years ahead of schedule. The end result for the average Student Loan Genius user is a savings of $31,291 and an average repayment time reduction of 12 years. To learn more about how Student Loan Genius’ student loan benefits can impact both employers and employees, visit studentloangenius.com.
How We Helped
We made an equity investment into Student Loan Genius following their graduation from the Village Capital FinTech 2015 cohort. Access ventures joined Gibraltar Ventures, an affiliate of Prudential, along with an affiliate of John Hancock/Manulife a $3M seed round to fund the company’s go-to-market strategy. SLG fits our initiative to promote financial inclusion by creating an innovative way to alleviate debt and improve access to better credit-based financial products.