"Venture capitalists have been trying to make money from the higher education market for years. It’s a rich target for the clutch of investors that pride themselves (in their better moments) on investing in companies that can improve society, and that work to fix broken systems, and a new startup, Frank, is the latest attempt to make a lasting change in the industry," according to TechCrunch.
"At this point no one would argue that higher education in America isn’t broken. The debt amassed by the millennial generation and its descendants is nothing short of crippling, and increasingly a degree (either vocational or academic) is no longer the guarantor of success that it once was.
Still, the benefits outweigh the risks attendant in not becoming bona fide, so millions of students each year humble themselves before the altar of admissions officers and two-year and four-year institutions.
What many of these students don’t know is that they’re leaving thousands of dollars on the table.
Much of the money that venture capitalists have committed to startups in this space focuses on new ways to lend money, but Frank, which just raised $10 million in funding, is taking a different route.
Rather than lend students money, Frank is looking to make the process of applying for loans easier. The company, founded by 25-year-old former banker and University of Pennsylvania graduate Charlie Javice, is like a TurboTax for college loan applications.
... The company’s technology automates much of the application process for the Free Application for Federal Student Aid form that is the gateway to getting the federal government to help pay for a college education."
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Publication Date: 1/8/2018