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The company also plans to add a premium subscription – targeted at $1 per month – that will help debtors through more complicated transactions, such as refinancing or loan forgiveness. Pillar plans to expand its services to tackle other kinds of debt – including auto loans, credit cards and mortgages.
This company wants to help shave $6,200 off your student loans. May 30, 2019 by admin 0 Comments. Personal Finance. Share on Facebook. Share on Twitter.. where he would have racked up another $250,000 in student loans, to help others who are confronting the same problem.
· About 44.7 million Americans had student loan debt, which totaled $1.47 trillion, at the end of 2018, according to the federal reserve bank of New York. Today, the company Bloch co-founded, Pillar, is formally launching its platform to consumers, who.
· Based on the experience of initial users of the platform, Pillar estimates that the average person can save $6,200 on their student loans. That can mean reducing their repayments by four years. “Extra payments could save thousands and thousands of dollars over the life of your loan,” said Bloch, who serves as CEO of the company.
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According to Michael Fenlon, global director for PwC, the benefit could be worth $10,000 thanks to the impact extra payments have on interest, and shave off two to three. are hesitant to help.
Separately, the company also announced it has raised $5.5 million in seed funding. That includes lead investor kleiner perkins. Other venture capital investors who participated include Day One Ventures, Financial Venture Studio, Great Oaks VC and Rainfall Ventures. The platform works to help individuals manage and pay off their student loans.
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Dan Kitwood | Getty ImagesWhen Michael Bloch’s wife graduated from law school with more than $300,000 in student loans, the couple sat down to come up with a plan.After reading blogs and articles, drafting spreadsheets and consulting a financial advisor, they still didn’t have an answer. "We really