In 2020, student loan debt reached a record high of $1.57 trillion — a 12% increase compared to 2019. For reference, between 2015 and 2019, loan debt grew on an average rate of just under 6%.
New York-based fintech company Frank is a four-year-old financial wellness platform designed for college students. The platform streamlines the financial process surrounding college and university.
According to Charlie Javice, CEO and founder of the company, when she started Frank, the market was filled with a lot of solutions for college graduates, but not for the before and during stages.
“The market was very much concentrated on financial wellness and financial products for college graduates, but there really wasn’t much out there for people that were in the process of going to school,” said Javice. “Yet, that was the time that people made the most important financial decisions that could impact the next 50 years of their lives.”
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