This idea goes way back to 2008. I had just finished my stint in cubicle life, where I had been working at a student loan company leading a team that consolidated student loans. It was shocking to see how little most people knew about that loans they had taken out for college. It prompted the idea for Bursur, a Mint.com for student loans.
People don’t understand even the basics their loans:
- Outstanding balance
- Interest rates
- Who holds the loan
- How they accrue interest
And it’s not necessarily their fault. Schools work with multiple lenders, loans are bought and sold, and people don’t pay much attention until they graduate and need to start paying them back.
Bursur, gathers all of a person’s student loan info onto one page to better understand their outstanding loans and eligibility.
Bursur helps educate borrowers:
- The basics like interest rates, amounts, daily accruals, and lenders
- Features of the loan
- Deference and forbearance eligibility
- Ways to save money and lower interest rates (via consolidation, auto-pay, etc)
The system could pull in government loans from National Student Loan Data System (NSLDS) or entered manually. Private loans would have to pull from the lender’s (Sallie Mae, Nelnet, etc) site or entered manually. The same would be true with HEAL loans, etc.
As much as it sucks to rely on advertising for revenue (that’s a subject for another time), there’s a lot of money being spent to target recent grads. Revenue would come from traditional CPM/CPC (cost per impression / cost per click) ads as well as CPA (cost per acquisition). Here’s a few ideas:
- CPA from lenders for new loans
- CPA from lenders for loan consolidation
- CPM/CPC ads for graduate school test prep companies
- CPM/CPC ads from graduate schools and online universities
So, what do you think? If you’re interested in running with it, I’ll help you out in any way I can. There is definitely a need!