Student Debt Meets its Match: Bay Area Platform Helps Users Pay Off Loans by Supporting Local Businesses
Berkeley-based platform helping the 44.2 million Americans with student debt reduce what they owe while shopping as usual.
BERKELEY, Calif., Dec. 15, 2016 /PRNewswire/ -- With Americans struggling to save for the future, Bay Area platform EvoShare recently announced that its innovative cash-back system of allowing users to earn cash-back every time they shop at a partnered business can now be used to pay off student loans. With 69% of college seniors that graduated in 2014 having a minimum of $29,000 in student debt, EvoShare's new student loan repayment initiative will make the service even more impactful.
The cost of higher education has grown exponentially in the last decade, causing the number of Americans taking out loans in order to pursue a degree has steadily increased. Recently the White House reported that the number of student loan borrowers grew from 23 million in 2004 to 40 million in 2014. With 20 million students enrolled in colleges and universities all around the United States and the average student graduating with $37,000 in debt, the United States has a graduating population struggling to afford their education.
According to the Wall Street Journal, 1 out of 6 graduates with students loans have defaulted and consequently fallen behind on building a stable financial future. This statistic means that while this period saw a growth in the size of the loans and the rates on them, the number of borrowers struggling to pay them back has steadily increased as well. "America's higher education system is one of the best," said Eugeny Prudchyenko, CEO of EvoShare, "But it comes with an incredible price. At EvoShare, we want to help make sure a college degree is a life goal and not a luxury. Bettering yourself and the world you live in shouldn't put you in debt."
It is with this goal in mind that EvoShare works diligently to help Americans in the Bay Area thrive. By partnering with their favorite local businesses and quality online vendors, EvoShare's new initiative will help many Americans increase the amount they use to pay off loans without making them spend more. The EvoShare solution is simple: individuals join EvoShare free of charge and shop at EvoShare-partnered businesses; every time they spend at a partnered location, EvoShare uses a percentage of what they've spent --- determined by the location --- to help pay back a student loan. This service enables countless users to pay off both the interest and the actual value of the loans simply by doing their daily shopping.
Local businesses will also benefit immensely from EvoShare's new initiative, as San Francisco is home to over fifteen colleges and universities and thousands of student loan borrowers. Numerous new EvoShare users will be looking to shop at businesses that help them pay off their loans, frequenting EvoShare-partnered businesses for years to come and steadily growing these businesses' revenue.
By enlisting small businesses to help combat the student debt crisis, EvoShare helps build an ecosystem of individuals, employers, and businesses creating a more comfortable world with every purchase.
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SOURCE EvoShare
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