February 1, 2019 Report - PYT Funds

February 1, 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


  • We are partnering to develop a scholarship tool to connect our student users with scholarship granting organizations. We want to discuss with our stakeholders who administer scholarship programs how a common application solution can benefit both students and scholarship granting organizations. Please contact Stacie for information on how your scholarship granting organization can be included as part of this new tool. 

Tactical Asks


  • We are seeking low-cost capital and grant dollars for low-cost loans for students and our flagship product, the Loanership™. If you know of any potential donors, investors, team members, or program-related investment foundations, reach out to Stacie.

  • We are seeking donors to directly fund low-cost loans for students in danger of drop out. These small loans of $500-$1,000 will help us to become certified as a Community Development Financial Institution (CDFI) and donors will see a direct impact from their charitable giving. Send referrals to Stacie.

Sales and marketing


  • Several students that we have assisted have posted video testimonials on Pay Your Tuition and social media. These brief clips describe the challenges our customers face and how PYT is able to help. You can view these on YouTube or Instagram

  • We added 103 student contacts for the month of January. Please visit www.gopyt.com/students to view student profiles on our crowdfunding platform. 

Products and services


  • We are pleased to announce we originated our first student loans directly from our own funds. Working with colleges and universities in multiple states, we provided small loans for students facing an outstanding balance inhibiting them from registering for classes in the upcoming semester. 

  • We have developed the “PYT Crowdfunding Advance” for students who have an immediate need for funding and need more time to crowdfund. These PYT Crowdfunding Advances convert to loans if the student-customer is unable to raise the funds in a mutually agreed upon timeframe, typically the end of an academic semester.

  • We referred a student to a lender-partner for additional funding. When the lender-partner determined that lending was not a feasible solution for this student, they made a donation through PYT to ensure that she could continue her studies.

Operations


  • New Media Ventures is leading our latest round of funding, securing $100,000 in commitments so far. They will continue to engage potential investors in the coming weeks. Please contact Wesley Panek for more information.