The outstanding national student loan debt is high in America at over $1 trillion. Around $864 billion of that amount is backed by the federal government. A majority of these loans have an interest rate that is higher than 6%. Formerly known as Binksty, Tuition.io wants to help college students by help with student loans.
Tuition.io spun out from the Launchpad LA accelerator. Tuition.io is aiming to become the Mint.com for student loans by helping student borrowers manage their loans from a single interface. The company will also provide tools to help them find beneficial repayment options.
Tuition.io launched in public beta 6 weeks ago and they have surpassed the $250 million under aggregate user debt under management. The company has raised $1 million in seed funding from Mohr Davidow Ventures, Jerry Neumann, Mesa+, Troy Carter, Richard Wolpert, Rob Glaser, and Launchpad LA.
Over 37 million in the United States have outstanding student loan debt including Tuition.io’s founder Brendon McQueen. He graduated from Columbia University with 12 loans himself. Tuition.io creates charts and graphs showcasing the debt. It also has a calendar of loan payment due dates. The website also creates an action plan for each student to find ways in helping students how to save on monthly payments.
Tuition.io has partnered with student organizations like Student Veterans of American and OurTime.org. The company monitors 40,000 different types of loans at 130 universities. Tuition.io is currently free and they plan to start charging at some point.