ROSSLYN, Va., May 27, 2021 /PRNewswire/ -- Vemo Education, whose unique pay-for-success programs have helped align college costs with job outcomes at more than 70 institutions across the country, today announced its acquisition of Edmit, whose popular college planning tools have been used by more than 1.5 million families to make informed financial decisions about higher education.
"We set out to help students and families understand and forecast the return on a college degree because we know that information gaps can suppress college-going aspiration or lead students to under-match into institutions that may not be the right fit," said Nick Ducoff, co-founder and CEO of Edmit. "Vemo came to that same challenge from a different vantage point: helping link cost to outcomes, and helping colleges better communicate their value to students."
Despite record-high application rates at many colleges in the wake of the COVID-19 pandemic, research suggests that first-generation students and those from low-income households were less likely to apply. These persistent disparities often stem from concern about rising tuition rates and confusing information about the cost of college. Vemo and Edmit will work to address these challenges of access and affordability by providing greater transparency to students and families, and helping colleges align the cost of tuition more closely with graduates' job outcomes.
"Both schools and students have to think about more than the front-end cost of a college education. They have to think about job outcomes on the other side, too," said Tonio DeSorrento, co-founder and CEO of Vemo Education. "By teaming up with Edmit, we're giving schools visibility into the college decision process that they've never had before. It's about helping colleges understand—and then stand behind—their value, to prove the cost of education is worth it, or to make changes when they're not setting the right expectations."
Edmit, which will retain its name and operate independently, offers students and families a research-driven platform that demystifies financial aid and helps students make smart financial decisions about their postsecondary education and career choices. The company will continue to work with financial institutions and high schools to offer its financial education and planning tools to families seeking advice about their college decision.
Founded in 2015, Vemo Education is best known for the design and deployment of more than a hundred income share agreement (ISA) programs at institutions including Purdue University, the University of Utah, and Messiah College. ISAs provide students with up-front education funding in exchange for a fixed percentage of future earnings for a fixed period of time, provided that students land a job earning above a minimum amount after college.
Edmit helps families make smarter college financial decisions so that they're better off after college. Designed by former university leaders, Edmit's tools and resources for saving, planning, and paying for college have saved families millions of dollars on tuition and loan payments. Edmit's software provides families with personalized reports on how to afford college, including cost estimates, and financial fit scores based on projected ability to repay student debt. Edmit's book, Better Off After College, published in late 2019, was a #1 best-seller on Amazon. For more information about Edmit, visit www.edmit.me.
About Vemo Education
Vemo Education transforms the way schools attract students and measure outcomes. Colleges and workforce development organizations leverage Vemo to align tuition with student success. From reimagined financial aid packaging to data-driven enrollment management, Vemo partners with schools to advance clear strategic objectives: higher yield, improved retention, and accelerated completion. Learn more at www.vemo.com.