Growth Cycle and Revenue Summary
In 2019, PYT concluded the year with a total revenue of $18,090.00. Moving onto to 2020, our annualized revenue for Quarter 1 was $10,000, which was similar to our Q1 Revenue in 2019. Q2 tends to be lower as student loan sales are cyclical. We are currently raising a round of venture capital with a goal of $250,000 - $350,000, and plan to raise again in early 2021.
Deals and Partnerships
PYT has two newly confirmed partnerships that will begin operation in June of 2020. The first of which is an agreement with Quotanda’s CareerScore service on our platform. Acquiring this service will help PYT further align with its mission in preparing students for success and helping them over the last hurdle to earn their degrees. Students often graduate with large amounts of debt after college without a job. CareerScore’s service will allow us to increase our student’s chances of landing a job after college and complete our company's mission for them. Next, we had a co-branded scholarship that launched with Goal Structured Solution’s Ascent program in June which helped us gain recognition and traction through their platform. Finally, PYT is in partnering conversations with the Arkansas Community Foundation (ACF) in setting up an impact fund in Arkansas to serve students one of our many projected target markets.
Summary of Status
Overall, PYT has stayed level with our prior year showing $10,000 in annualized revenue at this time. Our growth has been impacted by the effects of COVID-19 on the United States. Currently, we are adjusting our business to the current state by utilizing federal funding as well as raising venture capital to sustain during this pandemic. We have launched the PYT Microloan Program which offers loans of up to $350 dollars for students with a small financial need related to education--whether it be for textbooks, technology, rent, late student aid, or COVID-19 related need, PYT is offering short term loans, and the option to pay a one time fee for lending, or a regular interest charge.
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.
We are very pleased to announce that Stacie has selected Co-Founder Richard Adams to succeed her as PYT Funds interim Chief Executive Officer.
Richard served as Director of Operations for the last six years, working alongside students, senior leadership, and key stakeholders. Richard has extensive social impact experience, particularly impact-driven organizations' capacity to re-invest via financial services and institutions. His previous experience includes managing operations for a Fortune 500 Company and forging relationships with diverse stakeholders. We are thrilled that someone with a deep history and knowledge of our organization will lead PYT Funds into the future.
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.
As part of our regular updates, we are highlighting some of the exemplary students we continue to support. Our hope is that this exercise will give a deeper understanding of the work we do to assist our student-customers. Beyond this initial announcement, look for information on additional students in our regular Monthly Updates.
Our first student is Lakeisha Henry of Howard University. We began working with Lakeisha in the summer of 2017. After Lakeisha left school for multiple semesters due to a lack of financing, PYT was able to help her re-enroll for the spring 2019 semester. She needs an additional $10,000 to pay for this semester and stay on track for graduation in the spring of 2020. We have worked extensively with Lakeisha but she needs immediate support to ensure she stays on track to graduate.
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.