The founders said Tuition.io aims to help borrowers manage their student loans and pay off debt while educating them on the best ways to save money.
The start-up has raised $1 million in seed funding from an array of investors (including Mohr Davidow Ventures, Jerry Neumann, Richard Wolpert, Rob Glaser, New York venture firm Mesa+ and AF Square’s Troy Carter).
In all, it now manages more than $400 million in education debt across more than 10,000 individual student loans that originated from 130 universities, including the nation’s top 25, since its public beta launch in January.
Here is how it works:
Tuition.io shows you what company is servicing each of your federal and private student loans and sorts your loans graphically, letting you see which have the highest interest rates — and therefore which you should pay off first.
Pomerantz said a mobile app will roll out by the end of the year and remain free. Although the start-up does not currently have a monetization strategy, it may at some point charge for some features, or perhaps originate and consolidate loans.
There are numerous financial sites to help manage money, but Tuition.io focuses strictly on student loans. That makes it simple and easy to use.
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