How to Handle Student Loans | Nate & Mike from LendEDU

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In today’s episode, you’ll hear how Nate created a site to help people navigate student debt called LendEDU.

You’ll hear how this website was born during college and now makes over $1M per year.

Joining Nate is one of his employees named Mike.

We cover their specific site, the industry, and tips for students today.

Listen and read below to hear this awesome business transformation.

Episode Summary

  • Colin’s upbringing led him to be frugal
  • In high school, Nate had some jobs
  • He didn’t really care about finance until college
  • His freshman year he took on a good bit of debt in 2012
  • Mike still has student loans
  • He didn’t take it seriously until graduation
  • Nate also worked during college
  • He started paying off his debts immediately
  • He graduated with $60 debt
  • $45k came after 2 years then he changed it up
  • He started mixing in community college
  • Nate and Mike met in college
  • Nate starts LendEDU and brings on Mike
  • By the time they graduated in 2016, it became a full-time job
  • They both highlight how little finance information is available to high school and college students
  • They also realize others cover their material
  • But they try to present it in ways more consumable by younger people
  • Mixing in video and shortening length
  • We dive into some tips for incoming freshman
  • Question really why you’re going to college
  • Do you already know your profession?
  • Is trade school a better option?
  • Then exhaust every grant and scholarship
  • Students should also look at what their total debt bill with be, not just year one
  • Nate saved $10k by mixing in community College while at a 4yr university
  • Then we jump into the business side of the website
  • They started off making $200 per month from advertisements in 2014
  • By the end of 2015, they were making $10k per month
  • By the end of 2016, they reached $50k per month
  • The team has scaled to 15 people
  • Today LendEDU makes over $1M per year working with 120 advertisers
  • Their reviews are all unpaid and therefore objective
  • Separation between the income and the rankings of products is important to them
  • Then we talk about unique new ways to avoid student debt
  • One is payback programs where you commit a percentage of your future salary
  • The other is where you don’t need a co-signer for your loans
  • Under this model, it is based more on your degree choice and time left ’til graduation

Key Takeaways

  1. Don’t wait for success: It was awesome to see how Nate didn’t put this business off until he graduated
  2. Hire who you trust: The team has grown to 15 and 10 of those were college classmates. Trust is often more important than qualification
  3. White Space Can Be a Style: Plenty of companies were covering these topics but none in a way that resonated with 20-year-olds

Call to Action

Take a look at your student loans and see if there is a refinancing option or anything to make those payments fly by.

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