The Young Entrepreneur Council, a non-profit organization aimed at supporting young entrepreneurs, announced today its Gen Y Capital\u00a0Partners, an early stage venture accelerator focused on entrepreneurs 35 and under, with heavy emphasis on recent college grads. Y it Matters We've already got YCombinator. We've got The Founder Institute. Why do we need yet another startup incubator you may ask? There are a few features that make Gen Y Capital Partners stand out: First: The program focuses beyond tech startups. Gen Y is looking for "highly scalable, 'tech enabled' businesses in verticals and markets that are traditionally ignored or overlooked." With so much of the startup world making stars out of tech companies, this is refreshing news. Second: In addition to offering mentoring and cash (Gen Ywill invest $250,000 in 30-50 companies in exchange for equity), participants will have their student loan obligations paid for up to three years. The White House today announced that it would be extending its Income Based Repayment program, typically aimed at borrowers with low income, to entrepreneurs, in an effort to lower their monthly payments, giving them more cash flow to start their businesses. \u00a0Gen Y Capital Partners is the first venture fund to participate in this program. \u201cWhen President Obama launched the Startup America initiative earlier this year, he called on the private sector to do more than business as usual to promote the next generation of high-growth entrepreneurs.\u00a0 The new Gen Y Capital Partners answers this call to action, drawing more young entrepreneurs \u2018off the bench\u2019 to start innovative companies that boost job growth, and complementing the Administration\u2019s ongoing efforts to help borrowers manage student loan debt.\u201d said\u00a0Tom Kalil, Deputy Policy Director at the White House Office of Science and Technology Policy. Scott Gerber, Founder of the Young Entrepreneur Council says: "The Income Based Repayment program will unlock startup and operating capital for countless numbers of aspiring, college debt-ridden young entrepreneurs.\u00a0\u00a0By pairing its benefits with Gen Y's various tools, we will be able to remove many of the\u00a0barriers to entry from the startup equation, and create a new scalable approach to investing in our\u00a0nation's most promising Millenial entrepreneurs." Participants also have the option to live rent-free on one of the collegiate partners of Gen Y Capital Partners, which currently include Princeton, Cogswell College and Georgetown University, among others. And rather than most of the other incubator-type programs, Gen Y Capital Partners is geographically untethered, as it will use web-based tools and webinars to connect with participants. Details \u00a0 Gen Y Capital Partners\u00a0will begin accepting applications November 1, 2011. It is open to entrepreneurs 35 and under, who run early stage startups in different verticals. Find out more.