In the year since its launch, Tuition.io, the company billing itself as the Mint.com for managing student loans, has grown to manage over $1 billion in loans. The company, which provides a monitoring and management service for student loan payments, has just picked up an investment from Raj Date, the former second-in-command at the U.S. Consumer Financial Protection Agency, through Fenway Summer, the advisory and investment firm he helped found.
Tuition.io’s origins prove the adage that necessity is indeed the mother of invention, since the company began when chief executive and company founder Brendon McQueen confronted his own $120,000 in student loans split between 12 different lenders.
McQueen’s story is not unique among the roughly 37 million people in the U.S. who have outstanding student loan debt. Those loan obligations total over $1 trillion and are a huge drain on the finances of debtors, especially given the high interest rate of most government-backed loans.
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