Nowadays, lots of students are finding that financing their undergraduate or graduate education isn’t always the most straightforward process. There is paperwork to fill out for federal loans, and loan application materials to go through for private loans. The financial aid offices at different schools require different information from students and their parents, and impose their own submission deadlines. Even after a student’s financial package is formulated, there are promissory notes, grace periods, and repayment schedules to keep track of. Then, the entire process is repeated the following academic year.
On top of all this, the price of attending a postsecondary institution continues to rise from year to year. A recent trend has seen parents and students hiring financial specialists to help them navigate the complex process of education finance. We certainly appreciate why they would feel the need to take these kinds of measures to ensure a family performs the appropriate level of diligence/research which assists them in making a wise decision: when an undergraduate or graduate degree potentially means tens of thousands of dollars of personal debt to repay, borrowers quite reasonably want to make the most out of the financial aid application process.
But now, a new kind of help is on the way. People Capital offers a streamlined student loan process that may result in lower interest rates than those available on loans offered by traditional lenders such as banks, lending corporations, and other large financial institutions. People Capital is a pioneer in peer-to-peer (p2p) lending, an exciting alternative to the old-fashioned methods of education finance.
At the core of People Capital’s p2p platform is the Human Capital Score, a data-driven method for producing individualized credit-risk analysis evaluations. With People Capital’s p2p loan product offerings, a student’s FICO score isn’t treated as the be-all and end-all of loan eligibility. Our pool of potential lenders is almost limitless -- philanthropic groups, individual investors, even family members and friends could qualify to be a lender.
For more on the People Capital p2p philosophy, please click here.