The company was founded by a fellow at Stanford’s Business School, Mike Cagney, who realized that wealthy alumni had the resources to provide loans to students at more affordable rates.
Commonbond powers a platform that connects student borrowers with lenders who can help pay for their education. In the next year it will fund $100 million in student loans.
StudentLoanHero has helped students manage, reduce, and repay over $60 million in student debt.
When a startup known as Social Finance raised an astronomical $77.2 million last week to expand its new lending model to colleges and universities across the United States, it seemed almost too good to be true.