What happened is the cost of education has ramped up much faster than inflation, because of the ability for people to borrow and pay for it and it’s gotten to a point where in lots of schools, not all of them, the cost of education doesn’t worth the value of what you have learned, this crisis has a big influence on the individuals who can never be able to buy a home or to do things that their parents might have been able to have done, they are not having this day because of the burden they are taking.
The way we think about underwriting has to be a little bit different from a conventional bank, because we’ve got a lot of folks who are just graduating from school, they have a very extensive credit history and we need to look at things way beyond a FICO score. Factors like where you quickly.
Pulling these factores together allows us to make a very quick and comprehensive decision that you can get on your phone. It takes me about a minute and a half to enter the data, and then you find out whether or not you’re going to save money.
Our average students on REFI save about eighteen thousand dollars, a little more than refinancing with us. We did what other student loan company would never do, which is we said if you want to be an entrepreneur, you give us a pitch and convince us you’re committed to it and you want to make a business work and we will give you your loan.
You won’t make any payments on it, we’ll go out to help you with a business plan, raise capital, set up network and look for all the people you need to be successful, and we’ll help you be good entrepreneurs. Seeing people be able to pursue that entrepreneurial ambition and execute into it is personally one of the most rewarding things that I’ve done.