|Fundraising: Currently raising||Team Members: 5|
|Date Founded: January, 2015||Shareholders: 5|
We make a college education affordable for the under-supported student.
- We applied for philanthropic funding from the Drucker Institute, the Gates Foundation, Arch Grants, the JPMorgan Foundation, and the National Coalition of 100 Black Women, Inc. As philanthropic funding is necessary to create sustainable funding for Loanerships, please consider providing warm introductions for Stacie and Wes or sharing contact information.
Our “PYT Profile of the Month” is Herby Dieujuste. Herby is a junior at Keane University majoring in finance. He has an internship with JPMorgan Chase lined up for this summer and hopes to work on Wall Street upon graduation. Click this link to learn more!
As we are planning to apply for designation as a Community Development Financial Institution (CDFI) from the US Department of Treasury, we are seeking technical assistance with the application process. If you can assist us with the CDFI application, please contact Wes.
- Community Reinvestment Act (CRA) dollars are needed in our fight against the "Debt with no Degree" Crisis. We welcome introductions to CRA officers at financial institutions. If you have CRA-related contacts at individual banks, please make introductions for Stacie and/or Wes.
Sales and marketing
Several of our student-customers 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.
Products and services
The term "student loanership" and the PYT logo have been accepted for publication in the Trademark Official Gazette by the US Patent and Trademark Office (USPTO). Provided there are no challenges to the marks within 30 days of publication, they will proceed to registration and certificates will be issued. PYT already owns the trademark for the term "Loanership."
The Technical Team has finished updating our platform to allow P2P lending. Individuals can now invest directly in specific students and establish their own loan terms.
- Repayment has begun for a few low-cost loans that PYT issued to low-income students. We are pleased to report all borrowers have made on-time payments to date.
New Media Ventures is leading our latest round of funding, securing $150,000 in commitments so far. They will continue to engage potential investors in the coming weeks. Please contact Wesley Panek for more information.
- Investments in PYT Funds, Inc. currently are Qualified Small Business stock purchases, meaning any losses or gains have extensive tax benefits for investors. Please click here to learn more about Sections 1244, 1202, and 1045 of the Internal Revenue Code. If you have any questions, please contact Wes.