Pay Your Tuition Funds
Pay Your Tuition Funds (PYT) is a financial services firm that helps low and middle income students pay for their college tuition by connecting them with banks.[1][2][3][4] The students PYT works with do not have a cosigner or the credit score necessary to obtain a traditional student loan.[5] PYT analyzes alternative data--such as academic records, professional experience, and social information such as references--to generate a “PYT-score” that measures the risk-level of the loan.[6]
PYT partners with the Harbor Bank of Maryland,[7][8] a Community Development Financial Institution, to fund minority students in the United States. The average African American student has twice as much student debt as the average caucasian student in the United States,[9][10][11] and African American students are twice as likely as caucasian students to default on their student loans.[12][13] By identifying high-potential students, PYT is able to offer manageable loan terms that are less likely to lead to default.
By targeting students who are one or two semesters from graduating and are seeking loans of $10,000 or less PYT is able to reduce the dropout rate as well as the number of students that end up in debt with no degree.[14][15]
PYT has received funding from Harbor Bank,[16] the Halcyon Incubator,[17][18][19] and FIS’s Venture Capital Center.[20] PYT was awarded the 2018 Martin Luther King Jr Drum Major Innovation Service Award by the US Department of Education.[21][22]
References[edit]
- ↑ https://www.forbes.com/sites/geristengel/2016/11/23/disrupting-the-student-loan-market-is-good-business/#3e01007b7c71
- ↑ https://medium.com/celebrating-bhm-33-black-womxn-in-tech/stacie-whisonant-64f38446a2c2
- ↑ https://angel.co/go-pyt-go-pay-your-tuition
- ↑ https://www.crunchbase.com/organization/pyt-funds-inc-pay-your-tuition
- ↑ https://www.ted.com/tedx/events/21957
- ↑ https://facesoffounders.org/bringing-fintech-to-the-student-loan-crisis-261d98008007
- ↑ http://tedco.md/press/tedco-and-the-harbor-bank-of-maryland-cdc-invest-into-three-new-minority-business-pre-seed-fund-recipients/
- ↑ https://www.medamd.com/news/tedco-harbor-bank-maryland-cdc-invest-three-new-minority-business-pre-seed-fund-recipients/
- ↑ https://www.theatlantic.com/education/archive/2015/05/the-disproportionate-burden-of-student-loan-debt-on-minorities/392456/
- ↑ https://www.insidehighered.com/news/2017/10/17/half-black-student-loan-borrowers-default-new-federal-data-show
- ↑ http://www.newsweek.com/why-black-college-students-have-most-student-debt-america-686868
- ↑ https://www.theatlantic.com/education/archive/2015/05/the-disproportionate-burden-of-student-loan-debt-on-minorities/392456/
- ↑ https://sites.ed.gov/whieeaa/files/2016/11/Black-College-Graduates-and-the-Student-Debt-Gap.pdf
- ↑ http://www.blackenterprise.com/tech-solution-education-financing/
- ↑ https://www.youtube.com/watch?v=KVnWQCCfhfs
- ↑ http://tedco.md/press/tedco-and-the-harbor-bank-of-maryland-cdc-invest-into-three-new-minority-business-pre-seed-fund-recipients/
- ↑ https://technical.ly/dc/2017/04/13/pyt-funds-founder-stacie-whisonant-will-speak-tedxfoggybottom/
- ↑ https://technical.ly/dc/2016/09/28/pyt-pay-your-tuition-funds-stacie-whisonant/
- ↑ https://halcyonhouse.org/incubator
- ↑ https://www.venturecenter.co/vcfintech/
- ↑ https://blog.ed.gov/2018/04/honoring-mlk-jrs-legacy-prioritizing-educational-voices/?utm_content=&utm_medium=email&utm_name=&utm_source=govdelivery&utm_term=
- ↑ https://twitter.com/payyourtuition/status/981172030379786240
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