July 5, 2015
20 million students attend college every in the US. Out of these 20 million students, 12 million students borrow loans to cover their education expenses. Moreover, the college expenses are increasing every year. According to an article published by USA Today, in the last 37 years, the college tuition and fees has increased by 1,120%. This implies that the entire student loan market is only increasing every year. However, the entire process to obtain a student loan in America hasn’t been easy. Students have to deal with a lot of problems that include their rudimentary credit history and a bad credit score. With varying interest rates and different criteria of each lender, students get confused. They are lost in this entire loan process.
To make the entire student loan procedure easier, transparent and quicker for students, Achieve Lending was founded in 2014 as the Kayak of Student Loans. The main goal of the company is to be the world’s first free search engine for student loans that lets students search, find and compare student loans in 30 seconds. After comparing different plans, students can apply for loans through Achieve Lending’s website. On the other hand, Achieve Lending makes the entire student loan process easier for lenders too. They present the lender’s data in a simplified form to the students on their website and in return, expect some kind of referral fee from the lender. Until now, Achieve Lending has tied up with 40 lenders and signed up with more than 2000 revenue-share partnerships. They have already started generating revenue with these partnerships by closing 10 loans.
Allen Kors, a 27-year-old finance professional founded Achieve Lending after gaining 7 years of experience in world’s biggest financial firms like Merrill Lynch. He has experience working as an investment banking analyst, management consultant and an entrepreneur in the past. Based in New York, Achieve Lending is operated by a team of 5 people including Allen Kors, the CEO of the company. The other four to advise the company include Colin Flynn, who is the Technology Lead, Spencer Carli, who is the Product and Tech Developer, Matthew Pattoli, who is the Social Media Manager and Tim Hinchliffe, who is a Journalist and a marketer. Achieve Lending recently raised $500k in its crowdfunding campaign on Fundable.