Student debt in the United States has reached bubble proportions and currently, there is no simple solution. Two thirds of those who graduate college, carry on average, $26,000 in student loan debt. Even worse, across all colleges, 14.7 percent of borrowers default within three years of entering repayment.
Consolidating student loans to simplify finances and reduce student loan payment amounts, is available to all, but, can be as difficult to do as filing your taxes with the IRS...without the assistance of turbotax or a tax preparer (i.e. it's complex and time consuming and often leads to frustration rather than consolidation). FastTrack Student Loan's solution: be the H&R Block for student loan consolidation.
The management team at FastTrack Student loans has built a sophisticated processing center that understands the ins and outs of the student loan consolidation process. Customers use FastTrack Student Loans to prepare and submit their student loan consolidation paperwork to the Department of Education or private lenders on their behalf. Since starting in July 2013, they have handled over 875+ student loan consolidations.
With a standardized process and a scalable back office now built, FastTrack is looking to ramp up its hiring and marketing efforts to further grow its operations.
Financial Summary
Previous Fundraise Summary
| Security Type | Revenue Share | |
|---|---|---|
| Investor Eligibility | All Investors | |
| Minimum Investment | $1,000 | |
| Payback Multiple | 1.5x | |
| Term | 33 months | |
| Payment Frequency | Monthly | |
| Disbursement Late Fees | 5.00% | |
| Loan Collateral | Unsecured | |
| Seniority | Junior | |
| Equivalent Interest Rate (/yr) | 31.10% |
Offering Materials
There are no offering materials available for this business. Check back soon.
Financials
Team
Jeff Brooks
About FastTrack Student Loans
Company Updates
The Atlantic - SL System is Broken
December 5, 2013
The Atlantic - Student Loan System is Broken
http://www.theatlantic.com/business/archive/201...
Take away - The problem is massive and alarmingly more prevalent among the less sophisticated.
The Federal Government has failed to reach and help a vast number of the borrowers. There are solutions in place but the system is overly complicated and difficult to navigate.
Our mission is to reach as many of these folks as our capacity permits.
There is no reason to default on a Federal student loan.
Investor Meetings in December
December 2, 2013
We are hosting three investor presentation dates at the FastTrack Offices at Binford/75th:
· Dec 3rd from 5:00PM - 6:00PM
http://events.constantcontact.com/register/even...
· Dec 6th from 12:00PM - 1:00PM
http://events.constantcontact.com/register/even...
· Dec 11th from 8:30AM - 9:30AM
http://events.constantcontact.com/register/even...
Use the links above to RSVP if you would like to attend a presentation.
Updated data on why Student Loans are a huge problem in the U.S.
November 17, 2013
http://www.zerohedge.com/news/2013-11-14/federa...
Takeaways:
· Economists say college is an increasingly good investment because of the widening pay gap between jobs that require a degree and those that don't.
o Our Thoughts: The market for student loan consolidation will continue to grow as people go to college to acquire higher paying jobs. More people going to college= more people taking out student loans.
· The interest costs on older loans are climbing as borrowers fall behind on payments, reflecting mounting financial strains.
o Our Thoughts: We believe that people don’t want to fall behind on payments. Student loan consolidation gives borrowers a much lower monthly student loan payment (sometimes as much as 50%-70% lower). As more people fall behind, more will want to consolidate their student loans so that they can lower their monthly payments.
· As many as one in four student borrowers who have begun repaying their education debts are behind on payments.
o Our Thoughts: with tens of millions of people having student loans, the market for student loan consolidation is extremely large.
Discussion
The simple answer is that by the end of December we will have approximatly 1500 clients either paid in full or on payment plans. We work with our clients to put them on plans that they can afford. We even have a hardship program in the event that the client is experiencing hard times.
Company Updates
The Atlantic - SL System is Broken
December 5, 2013
The Atlantic - Student Loan System is Broken
http://www.theatlantic.com/business/archive/201...
Take away - The problem is massive and alarmingly more prevalent among the less sophisticated.
The Federal Government has failed to reach and help a vast number of the borrowers. There are solutions in place but the system is overly complicated and difficult to navigate.
Our mission is to reach as many of these folks as our capacity permits.
There is no reason to default on a Federal student loan.
Investor Meetings in December
December 2, 2013
We are hosting three investor presentation dates at the FastTrack Offices at Binford/75th:
· Dec 3rd from 5:00PM - 6:00PM
http://events.constantcontact.com/register/even...
· Dec 6th from 12:00PM - 1:00PM
http://events.constantcontact.com/register/even...
· Dec 11th from 8:30AM - 9:30AM
http://events.constantcontact.com/register/even...
Use the links above to RSVP if you would like to attend a presentation.
Updated data on why Student Loans are a huge problem in the U.S.
November 17, 2013
http://www.zerohedge.com/news/2013-11-14/federa...
Takeaways:
· Economists say college is an increasingly good investment because of the widening pay gap between jobs that require a degree and those that don't.
o Our Thoughts: The market for student loan consolidation will continue to grow as people go to college to acquire higher paying jobs. More people going to college= more people taking out student loans.
· The interest costs on older loans are climbing as borrowers fall behind on payments, reflecting mounting financial strains.
o Our Thoughts: We believe that people don’t want to fall behind on payments. Student loan consolidation gives borrowers a much lower monthly student loan payment (sometimes as much as 50%-70% lower). As more people fall behind, more will want to consolidate their student loans so that they can lower their monthly payments.
· As many as one in four student borrowers who have begun repaying their education debts are behind on payments.
o Our Thoughts: with tens of millions of people having student loans, the market for student loan consolidation is extremely large.
Discussion
FastTrack was built with a powerful processing back end. Thus, while other companies are mainly call centers that outsource their processing, we do everything in house. Not only do we capture more of the gross revenue, we have a much higher degree of confidence in the quality of our service.
The simple answer is that by the end of December we will have approximatly 1500 clients either paid in full or on payment plans. We work with our clients to put them on plans that they can afford. We even have a hardship program in the event that the client is experiencing hard times.
FastTrack was built with a powerful processing back end. Thus, while other companies are mainly call centers that outsource their processing, we do everything in house. Not only do we capture more of the gross revenue, we have a much higher degree of confidence in the quality of our service.