I came across this new company, Feed My Future, which is in start-up mode or alpha pre-release as their website describes it. Here is the company description that appeared in an article about a business incubator called Betaspring in Providence, RI:
Feed My Future,
led by Johnson & Wales University professors Mehdi Moutahir and
Brian Alves, wants to tap the powers of social media to help young
adults repay their student debt. Moutahir and Alves are developing a
website that would allow family members and friends of, say, a recent
college graduate to make secure contributions that go directly toward
paying down that person’s student loans. The team also plans to create
widgets that people can put on their Twitter pages, Facebook profiles,
and other social networking sites to bring people to their Feed My
Future Web page.
Here is how their website describes their debt management focus:
If you think managing your student loan debt is boring, tedious and
isolating, you're not alone! Feed My Future provides a simple, fun way
to connect with your social network to help you pay off your debt.
So, it appears that their model is focused on debt repayment to recent graduates rather than loans to current students, which is the focus of current peer-to-peer models. Second, the people who want to help recent graduates would be providing gifts rather than loans. As with any start-up, the question comes down to "How are they going to make money with their business model?" Details remain sparse so I will look for any additional news as the company moves forward.
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