Currently, outstanding national student loan debt is over $1 trillion, $864 billion of which is backed by ye olde federal government. According to the Center for American Progress, the majority of those loans have an interest rate higher than six percent — generally speaking, twice the average mortgage rate and is thrice the rate at which the government borrows. In the American education system, student debt is the 8,000-pound elephant in the room.
Tuition.io, the startup formerly-known-as Binksty, is one of a handful of companies trying to give college students some much-needed help in the loan department. A member of Launchpad LA accelerator‘s fourth class, Tuition.io wants to become the Mint.com for student loans by allowing student borrowers to manage their loans from a single interface and by providing a suite of tools to help them find the most relevant repayment options.
After officially launching its public beta six weeks ago, Tuition.io is today announcing that it has surpassed the $250 million mark in aggregate user debt under management and that it has raised $1 million in seed funding from investors that include...
