EduSpring

A community funded student loan that incentivizes reponsible borrowing and better academic performance

Las Vegas

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Technologies Used

JavaScript

Project Team

Huahong Tu
Yoalli Mabel Hidalgo Pontet

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Product Manager Investor
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About

With college cost so high and rising, many students today need to rely on some form of financial aid to help with their college costs. Although many parents in the US would like to fund their child's' education, however, due to the extremely high cost, and the parent's fear of squandering, many students are forced to seek financial aid elsewhere. EduSpring is a platform that helps students to responsibly obtain student loans directly from their family and friends. The platform aims to incentivize students produce better academic performance by adjusting the interesting rate based on the student's GPA performance. The platform is powered by Visa Direct API to help lenders fund the student's education and receive future repayment from the student loan. The process begins with the student creating a loan funding campaign using our platform. The platform helps the student customize a responsible loan amount with its comprehensive database of tuition fees of various degree programs at various universities. The platform also requires the student to upload a statement video to express commitment to the degree program. For the fund raising process, the platform automatically generates a webpage for the student seeking student loan funding and consolidate information about the degree program from the university. Similar to most crowd funding website, the platform allows family and friends to see how much is needed for the education and contribute to the fund. After successfully raising funds for a student loan, the platform track the student's academic performance by requiring the student to upload his/her transcript every semester/quater. The platform automatically re-adjusts the interest rate of the student loan according the cumulative GPA from the transcripts. The page shows a chart of past and current interest rates to encourage the student to maintain good academic performance in order to get lower interest rate. The page also shows disbursement and repayment history to help the student keep track of current loan finances. There are 4 key benefits of this platform: - Connects family and friends to students that require college loan funding - Help to encourage responsible borrowing - Incentivize better academic performance - Provide better interest rate that the market rate

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