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Gradjoy is a Y Combinator-backed fintech to help you knock out your student loans

The right people to solve the trillion dollar student debt crisis might be the ones who are suffering from it the hardest.
If you’re a recent college graduate, there’s a 50 percent chance you took on debt when you moved off campus. If you’re like the average student borrower, you graduated with $29,800 of loan debt, and are making a monthly re-payment of between $200 and $300, according to a recent report from the New York Fed.
Gradjoy is a new Y Combinator-backed startup that wants to help the 45 million student debt borrowers in the U.S. manage their repayment plans. Within seven days of being a live platform and a marketing strategy that consisted of reaching out to a few universities, Gradjoy is already managing $20 million in loans.
Co-founders Jose Bethancourt and Marco del Carmen turned down roles at Cloudflare and MongoDB, respectively, upon learning they’d been accepted to Y Combinator’s Summer 2019 class. Gradjoy bills itself as a “student loan co-pilot,” and currently exists a platform that helps users manage student loan repayments – whether that’s assessing pros and cons of refinancing, what a monthly payment should look like, and if they have any wiggle room based on greater income and spending habits. Gradjoy hopes to hammer a few cracks in the $1.5 trillion federal student loan debt crisis by giving new borrowers more insight into their repayment journey.
Loan companies will always advise borrowers to pay the minimum because they benefit from the outrageous interest fees amassed over time. Gradjoy wants to tap into your bank account and monitor your finances to deliver more transparent loan-management advice with a feature that lets you simulate how different payment amounts would affect your loans.
Bethancourt, a recent University of Texas graduate, was his own first user. He built the Gradjoy platform for himself while calculating his optimal student loan repayment plan in Excel. He’d met his co-founder in a coding bootcamp in the Rio Grande Valley at the border of Mexico and South Texas – where Bethancourt is originally from.
Gradjoy is a Y Combinator-backed fintech to help you knock out your student loans
Jose Bethancourt (Left) Marco del Carmen (Right)
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