December 27, 2019 Report - PYT Funds

December 27, 2019 Report

 

Fundraising: Currently raising Team Members: 5
Date Founded: January, 2015 Shareholders: 5
   

We make a college education affordable for the under-supported student.

We are a Qualified Small Business under Section 1244


 

Strategic Asks


  • Give the gift of tuition. Receive a tax deduction. We’ll match you with a student in need.

    Pay Your Tuition Foundation is an impact fund that supports students who may be turned down by traditional lenders. Your donations can serve as collateral support for traditional loans or for PYT loanerships. Students in need can receive a loanership, a scholarship structured like a loan to help build credit for deserving students who just need “a break” to graduate and cannot qualify for a current bank product.

    Donations are 100% tax-deductible. PYT is proud to be fiscally sponsored by THE GIVING BACK FUND. GBF is a 501c3 ORGANIZATION | EIN 04-3367888. Please make a note on the donation payment if you prefer to participate in the impact fund or sponsor a loanership. To donate, click here

Sales and Marketing


  • During our reorganization of PYT Funds in 2019, we did not participate in any incubators or accelerators. In preparation for 2020, we have applied to three and are excited to continue growing our strategic partner list. We will share more information and our selection status in January. 

Products and Services


  • PYT Funds offers three different funding options: low-interest loans, our Loanership product, and scholarships. We use the same application for all three so students can indicate which one(s) they would like to be considered for. We may require some applicants to crowdfund a percentage (10-20%) of a loan before funds are disbursed. In-depth descriptions of each funding option can be found below.

  • Loans:

    PYT lends up to $200 in low-interest (6.99%-8.99% APR) loans to students with a small financial need or tuition gap. Loan and interest are to be paid back within 30 days. No credit check required.

  • Loanerships:

    Our Loanership is an excellent fit for students unable to pay a relatively small tuition bill ($2,500 or less). The Loanership rewards students for taking positive steps toward degree completion and future employment. It begins as a loan but students can convert up to 50% of the funding to grant dollars by completing their degrees, maintaining a good GPA, and other specified goals tied to academic progress and future employment. No credit check required. APR ranges from 6.99%-8.99%. The payment period ranges from 2-5 years, depending on loan size.

  • Scholarships:

    Our scholarship is designed for high-achieving students who need last-mile funding to finish their degrees. PYT will award up to $1,500. Students must meet the following criteria: 

    • Must be US student
    • Must be enrolled in a four-year bachelor’s program
    • Be a Junior or Senior
    • Have at least a 3.0 GPA on a 4.0 scale

Operations


  • New Media Ventures has been leading our round of funding and has secured $100,000 in commitments for 2019. They will continue to engage potential investors in the coming year to raise another $100,000 in new investments for 2020. Please contact Richard for more information.

Team


  • As we wrap up our fall internship, we wanted to say thank you to our three interns for being wonderful teammates these past 12 weeks. Kudos to: Georgie, Ethan, and Elaman!

    "I’ve really enjoyed building our consumer offering with you! I can’t wait to see the skills and best practices that you developed be put to good use in your next roles. I’ll especially miss our brainstorming sessions." - Dick Adams