The United States is entering a time of student loan crisis. As a country, we hold over $1.5 trillion in outstanding student loan debt, growing the gap in spending, jobs, and a healthy economy wider and wider as we fail to address it.
On average students graduate with over $38,000 in student loans, many of which have interest rates greater than 7%. Even more, that’s only the average.
Many students pick colleges solely based on the university’s reputation, without even incorporating the cost of attendance. Our founder, James Aversa, is a prime example. With over $80,000 student loans himself, “Jimmie” still cannot understand his own decision-making process during high school.
This mindset has plagued our youth for long enough. Our future working class now defines their personal value based on the reputation of their school, instead of the quality of their contributions. Corporations then reinforce this mindset by using university reputation and grade point average as their main criterion for hiring. On top of that, university reputation hardly even correlates with the quality of the curriculum the provide. As a result we have a system that is built to implode.
As a student loan crisis of $1.5 trillion threatens to destroy our economy, a lending expert and an actual student in debt have teamed up to stop it.
It all started in July of 2017, when Chris Rybitski offered his younger cousin, “Jimmie” Aversa an internship. The job promised Jimmie an opportunity to learn the ins and outs of running a startup. Furthermore, Jimmie had already been dreaming of starting a business centered around a social cause for a few years prior. That dream, however, had still just been a seedling in the backmost corner of his mind.
Unexpectedly, SponsrU’s cousin founders realized they had quite a bit more in common than anticipated. The two hadn’t been in contact for upwards of ten years, thus expectations were at a minimum.
Chris and Jimmie were both fascinated by innovation and entrepreneurship, both had a passion for making a positive impact on the world, and both craved success in whatever challenges they pursued.
As time passed, conversations centered around student loan debt more and more. Reason being, Jimmie was nearing the $80,000 debt mark going into his seventh semester at Penn State (University Park), and Chris had had been operating as Nelnet CTO, a federal student loan lender for over a decade.
About 10 days into their business/family reunion, something clicked. Chris had all the expertise in student loan lending, and Jimmie had the expertise of literally being a student in debt. That “click” was the two most important pieces to forming SponsrU fitting firmly into place. On that day the student loan crisis felt one of its first real challengers.
The idea blossomed into what has now become SponsrU, a business that aims to impact thousands, if not hundreds of thousands, of lives over the coming years through dedicated sponsors and hard working students.
SponsrU has been operating for over a year. We’ve spent that year developing the core features in our product while building our marketing and strategy foundation. Now, we are moving into our angel round of funding where we plan to focus our resources on design and marketing.
If you want to be a part of SponruU, reach out to us. You can talk with our team, build a profile, or let us know if you’re an interest investor. We reward our early-adopters by allowing them to play a big part in eliminating the student loan crisis.