March 24, 2017

Spotlight: Student Loan Club Tries to Ease the Pain for New Grads


Student Loan Club provides student loan resources and career advice. Find out more about this business in this week's Small Biz Spotlight.

If you’ve taken any college classes, chances are you’ve had to deal with student loans. These loans can be especially burdensome for young professionals just getting started in their chosen fields. But there are some options and resources for dealing with them.

That’s where Student Loan Club comes in. You can read more about the business and what it does for students and graduates in this week’s Small Business Spotlight.

What the Business Does

Provides student loan and career resources.

Co-founder and COO Jay Rush told Small Business Trends, “For $5 a month, members receive quality resources including refinancing tools, loan calculators, resume assistance, professional HR counseling and industry news, allowing members to master their student loans. Members are automatically enrolled in the weekly Student Loan Club Sweepstakes for a chance to win their student debt paid down or completely off.”

Business Niche

A sweepstakes program.

Rush says, “While multiple platforms offer resources, none of them offer a sweepstakes based on repayment. Therefore, our strong differentiator is our Student Loan Club Sweepstakes.”

Student Loan Club provides student loan resources and career advice. Find out more about this business in this week's Small Biz Spotlight.

How the Business Got Started

As a way to deal with mountains of student loans.

Rush says, “My parents were losing sleep worrying about the quarter of a million dollars of student debt that my brother and I had accumulated over time. After years of making fruitless payments, we sat down as a family and founded the Student Loan Club within a few months.”

Biggest Win

Getting early funding.

Rush explains, “Our biggest win as an early-stage startup was receiving our seed funding to turn our dream into a reality. That initial capital gave us the ability to start executing our plan.”

Biggest Risk

Turning to loved ones for funding.

Rush says, “The most difficult part of the process has been getting people to believe in and fund the idea. Our funding came from family and friends who put their faith in us to create a return on their investment. The risk is already paying off, but if it does not, next Thanksgiving could be awkward.”

Student Loan Club provides student loan resources and career advice. Find out more about this business in this week's Small Biz Spotlight.

How They’d Spend an Extra $100,000

Helping members repay their loans.

Rush says, “We would use an extra $100,000 for both marketing as well as the sweepstakes prize pool. Students are currently in debt an average of $35,000. That money could really help some people out.”

Favorite Quote

“There is no stronger army in the world than an idea whose time has come.” – Victor Hugo

* * * * *

Find out more about the Small Biz Spotlight program

Images: Student Loan Club; Top Image: Co-founder and CEO Dan Rush, Co-founder and CAO Maria Testa, Co-founder and COO Jay Rush

2 Comments ▼
Advertise Here

Annie Pilon - Staff Writer


Annie Pilon Annie Pilon is a Senior Staff Writer for Small Business Trends, covering entrepreneur profiles, interviews, feature stories, community news and in-depth, expert-based guides. When she’s not writing she can be found on her personal blog Wattlebird, and exploring all that her home state of Michigan has to offer.

2 Reactions

  1. Aira Bongco

    The idea is great and it is all for a good cause. I am just wondering how far it can go especially since they have no clear source of funding yet.

  2. We hear so much coming out of Washington about the Crisis on hand and student debt. Finally a step in the right direction. A simple Idea to help fellow students. This is a positive move in the right direction. I wish you much success. You have already done more than our politician, you started this company. Any one with student loans understands and would welcome a chance. I believe your time has come.

Leave a Reply

Your email address will not be published. Required fields are marked *

*



Looking for templates, checklists or guides? The Small Business Resource Center has them!