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Expert Collections containing WeFinance
Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.
WeFinance is included in 1 Expert Collection, including Fintech.
Latest WeFinance News
Apr 24, 2015
Consumer Financial Protection Bureau The company’s SimpleTuition tool helps students understand the differences between available loans and strategize which is best for them. “People don’t talk about the impact of financing costs [like interest] on the overall cost,” says Kandianis. “There are costs to the money, so it pays to compare the different private finance players.” SimpleTuition compiles loan details from different organizations, including national banks like Sallie Mae, regional banks and credit unions, and provides a student with different options based on how much he or she will need to borrow. Yet many students and recent graduates lack the credit score to get student loans at a manageable interest rate. And if their parents can’t cosign the loan, where can they turn? Eric Mayefsky co-founded WeFinance to help these young adults find a lower rate by crowdfunding loans from their own communities. “Borrowers create a listing in their own words, defining how much they want to raise, their terms, and a description of themselves,” he explains. Users have crowdfunded loans for tuition on WeFinance, but have also borrowed for unpaid internships and travel. Borrowers typically ask for a 4% interest rate, compared to rates around 7% for graduate school tuition. As Mayefsky sees it, WeFinance is a way for a community to invest in young people who they trust will succeed. “You’re actually a lower-risk investment on WeFinance than you would be otherwise,” says Mayefsky, reasoning that sourcing loans from your friends and relatives “adds an additional social pressure to repay.” How Financially Worthwhile is College, Anyway? Do those four years of college really earn back the thousands of dollars spent by American students? Almost always, the answer is yes, according to Jody Hoff at the Federal Reserve Bank of San Francisco. “College does pay, in terms of persistent earning advantage over a high school graduate,” she explains, despite high-profile outliers like Mark Zuckerberg or Steve Jobs. “It’s still the best investment that you can make in yourself over the long term.” But don’t take her word for it. The Federal Reserve Bank offers an “Is College Worth It?” calculator , based on its analysis of 70 years of data comparing earnings of high school and college graduates. Students and parents can enter tuition costs and saving habits to see how long it will take them to pay it off. Let’s Talk About Money For high school freshmen to grad school applicants to worried parents, the experts all have one big piece of advice. Talk honestly about your finances—and do it early. “Make sure you’re talking to your parents,” warns NerdScholar’s Sen-Gupta. “Really consider what going to your dream school is going to look like for your finances, and for your parents’ finances down the line.” College Abacus’ Seldin agrees. “Most people talk about social fit, and academic fit—but can you afford to go?” she asks. “For every student, there’s an affordable school that’s also an academic and a social fit.” Continue Reading
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WeFinance's headquarters is located at San Francisco.
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