GradJoy is a Y Combinator-backed fintech to help you knock out your student loans
Curated by: Startups
The right people to solve the trillion-dollar student debt crisis might be the ones who are suffering from it the hardest.
If you’re a recent college graduate, there’s a 50% chance you took on debt when you moved off campus. If you’re like the average student borrower, you graduated with $29,800 of loan debt, and are making a monthly re-payment of between $200 and $300, according to a recent report from the New York Fed.
GradJoy is a new Y Combinator-backed startup that wants to help the 45 million student debt borrowers in the U.S. manage their repayment plans. Within seven days of being a live platform and a marketing strategy that consisted of reaching out to a few universities, GradJoy is already managing $20 million in loans.
Co-founders Jose Bethancourt and Marco del Carmen turned down roles at Cloudflare and MongoDB, respectively, upon learning they’d been accepted to Y Combinator’s Summer 2019 class. GradJoy bills itself as a “student loan co-pilot,” and currently exists as a platform that helps users manage student loan repayments — whether that’s assessing pros and cons of refinancing, what a monthly payment should look like and if they have any wiggle room based