The future is what we judge by and not by the past Stride is taking steps to turn student finances upside down
If you're seeking a mortgage or auto loan the banks will don their judgmental glasses and look at your previous credit history. This is logical and is a fairly trustworthy indicator of whether you'll be able repay the loan or not. Student loans are a bit different. Your past certainly has a part to play however, for the majority of people,
having an education can drastically alter the potential of your earnings and, consequently, your ability to pay back. Based on the belief that current student loan programs perpetuate the rich-get-richer system, Stride Funding is taking an alternative approach and has just secured $12 million to allow it to move the company a few further steps forward into the future.
The core issue of the business is accessibility to education and equality which is one of the most crucial indicators of whether a person is able to enjoy upward mobility financially. Like you would expect there are various levels of privilege (can your parents pay for your loan) and, more specifically , institutionalized racism . It is with a sense of confidence the company Stride Funding is taking on the $130 billion industry of student loans which has $1.6 trillion in loans in the process.
After closing its seed round in the year 2019, Stride increased the capital that students receive to more than $50 million and capital providers like Silicon Valley Bank seeking to provide thousands of dollars of funds.The primary goal of Stride is to make higher education more accessible, specifically to those who have traditionally had difficulty obtaining financial aid.
"Especially in student lending, there's this massive gap in terms of access to capital," says Tess Michaels, CEO and founder of Stride Capital. "Ninety-two percent of private loans require co-signers, and less than a fourth of students actually have access."
The company announced today that it had closed a $12 million Series B financing which was led by Firework Ventures (co-founded by Brigette Lau and Ashley Bittner). Its Stride Funding team has a personal mission that is at the heart of their business:
Education is the key to opening doors. And , unfortunately, for a number of reasons that are historical I believe that many people who are underrepresented, are excluded from the market," says Michaels, noting how this gap creates a gap between wealthy and the poor.
"I am very attached to the cause. We've helped such an array of truly remarkable, inspirational students including refugees, DACA women, students as well as minorities who are underrepresented and so on. We receive such positive stories every day from students, and it confirms worth doing."
having an education can drastically alter the potential of your earnings and, consequently, your ability to pay back. Based on the belief that current student loan programs perpetuate the rich-get-richer system, Stride Funding is taking an alternative approach and has just secured $12 million to allow it to move the company a few further steps forward into the future.
The core issue of the business is accessibility to education and equality which is one of the most crucial indicators of whether a person is able to enjoy upward mobility financially. Like you would expect there are various levels of privilege (can your parents pay for your loan) and, more specifically , institutionalized racism . It is with a sense of confidence the company Stride Funding is taking on the $130 billion industry of student loans which has $1.6 trillion in loans in the process.
After closing its seed round in the year 2019, Stride increased the capital that students receive to more than $50 million and capital providers like Silicon Valley Bank seeking to provide thousands of dollars of funds.The primary goal of Stride is to make higher education more accessible, specifically to those who have traditionally had difficulty obtaining financial aid.
"Especially in student lending, there's this massive gap in terms of access to capital," says Tess Michaels, CEO and founder of Stride Capital. "Ninety-two percent of private loans require co-signers, and less than a fourth of students actually have access."
The company announced today that it had closed a $12 million Series B financing which was led by Firework Ventures (co-founded by Brigette Lau and Ashley Bittner). Its Stride Funding team has a personal mission that is at the heart of their business:
Education is the key to opening doors. And , unfortunately, for a number of reasons that are historical I believe that many people who are underrepresented, are excluded from the market," says Michaels, noting how this gap creates a gap between wealthy and the poor.
"I am very attached to the cause. We've helped such an array of truly remarkable, inspirational students including refugees, DACA women, students as well as minorities who are underrepresented and so on. We receive such positive stories every day from students, and it confirms worth doing."
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