Tuition.io manages USD1 billion student loans, gets new investor
Tuition.io has increased in managing more than USD1 billion loans after its launch. The company was then called Mint.com providing students with education loan payment services. Tuition.io has taken in another investment led by Raj Date through co-established firm, Fenway Summer.
The company started its operations after CEO and founder Brendon McQueen was confronted when his own student loan valued USD120000 was split with 12 different lenders. The story of McQueen isn’t new to among more than 37 million US citizens who have current debt loan due to education. The obligations on loans has summed more than USD1 trillion and has been causing a big loss on debtors. This was after most government funded loans are offered with high interests.
Meanwhile, the company has been eyeing on ways to improve monetization. Tuition.io has found revenue from ads after its site’s blogs generate unique traffic from visitors, according to McQueen.
He also added, “Outstanding student loan debt is hovering at $1.1 trillion which is larger than credit cards or auto loans. If you think about it there are a lot of companies out there like CreditKarma or Mint [but] you don’t have a lot of technology-based student loan optimization products out there.”