Six Weeks From Launch, ?Mint For Student Loans? Contender Tuition.io Hits $250M Under Management, Lands $1M In Seed

Currently, outstanding national student loan debt is over $1 trillion, $864 billion of which is backed by ye olde federal government. According to the Center for American Progress, the majority of those loans have an interest rate higher than six percent -- generally speaking, twice the average mortgage rate and is thrice the rate at which the government borrows. In the American education system, student debt is the 8,000-pound elephant in the room.

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