LendEDU

Nate Matherson and Matt Lenhard, University of Delaware students, attended the Iowa Startup Accelerator in summer 2014 with the idea for an online tutor-booking platform they called ShopTutors. The original idea was dismissed, and LendEDU, an online marketplace for student loans and student loan financing, became their focus; as someone with nearly $50,000 in student loan debt, Matherson was looking to refinance his student loans and realized the potential business idea that would eventually become LendEDU.{{cite news|last1=Shieber|first1=Jonathan|title=LendEDU Is Making Student Loan Refinancing Easier|url=https://techcrunch.com/2016/02/09/lendedu-is-making-student-loan-refinancing-easier/|accessdate=23 May 2016|publisher=TechCrunch|date=9 February 2016}}{{cite web|author=Lindsay Podraza|date=February 25, 2016|title=UD startup guys are hard at work at California's prestigious Y Combinator|url=http://technical.ly/delaware/2016/02/25/ud-startup-guys-hard-work-californias-prestigious-y-combinator/|access-date=March 12, 2017|publisher=Technical.ly Delaware}} Through the program, LendEDU earned $50,000 in funding from Built by Iowa.{{cite web| url=http://www.thegazette.com/2015/05/12/after-returning-to-delaware-lendedu-focused-on-attracting-users| title=After returning to Delaware, LendEDU focused on attracting users| author=Sarah Binder| date=May 12, 2015| publisher=The Gazette| access-date=March 12, 2017}} Additionally, LendEDU received a $5,000 grant from the University of Delaware's VentureOn program which focuses on the development of small businesses.{{cite web| url=http://www.cutimes.com/2014/11/07/student-loan-startup-seeks-out-cu-alliances| title=Student Loan Startup Seeks Out CU Alliances| author=Michael Muckian| date=November 7, 2014| publisher=Credit Union Times| access-date=March 12, 2017}}

In 2015, the company raised a total of $120,000 in funding from the Horn Program Venture Development Center and Y Combinator.{{cite news|last1=Constine|first1=Josh|title=All 60 startups that launched at Y Combinator Winter 2016 Demo Day 1|url=https://techcrunch.com/2016/03/22/y-combinator-demo-day-winter-2016/|accessdate=23 May 2016|publisher=TechCrunch|date=22 March 2016}}{{cite web| url=http://siliconprairienews.com/2016/02/how-lendedu-made-it-into-y-combinator-on-their-second-try/| title=How LendEDU made it into Y Combinator on their second try| author=Ryan Pendell| date=February 17, 2016| publisher=Silicon Prairie News| access-date=March 12, 2017}}

LendEDU later moved its headquarters to Hoboken, New Jersey.

As of November 2020, LendEDU continues to operate out of Hoboken, New Jersey and the basic functionality of the site has remain largely unchanged since the company's inception. In addition to working in the student loan space, LendEDU now also has expanded to other financial verticals including mortgages, personal loans, credit cards, and insurance.

The LendEDU platform provides information about student loans, mortgages, personal loans, and various insurance products.

The LendEDU platform enables consumers to compare lenders, rates, terms, and qualification requirements for financial products specific to the consumer's financial situation. For example, a borrower looking to refinance their student loans could compare lenders, rates, terms, and qualification requirements to find a student loan refinancing option that fits his or her specific situation.{{Cite news|url=https://www.chicagotribune.com/business/sns-201701271900--tms--savagectnts-a20170127-20170127-column.html|title=Student loan refinancing is picking up steam|last=Savage|first=Terry|work=chicagotribune.com|access-date=2018-05-17|language=en-US}}

LendEDU's site also features a number of calculators that the site maintains will help consumers "compare repayment options, payoff strategies, refinancing savings, tax deductions, and more."{{Cite web|last=Rathmanner|first=Dave|date=2019-10-04|title=Find a Specific Student Loan Calculator for Your Needs|url=https://lendedu.com/blog/student-loan-calculators/|access-date=2020-11-02|website=LendEDU|language=en-US}}

LendEDU's philanthropic efforts include work with One Tree Planted, a reforestation program that plants trees around the world in collaboration with partnering companies;{{Cite news|url=https://www.prweb.com/releases/lendedu_announces_partnership_with_one_tree_planted/prweb13973750.htm|title=LendEDU Announces Partnership With One Tree Planted|work=PRWeb|access-date=2018-05-17}} the LendEDU Scholarship, which offers $1,000 scholarships to two students at the high school or college level two times per year;{{Cite news|url=https://lendedu.com/about/|title=About - LendEDU|work=LendEDU|access-date=2018-05-17|language=en-US}}{{Cite news|url=https://lendedu.com/blog/scholarship-application/|title=LendEDU Scholarship Fall 2018 – Deadline October 19th, 2018 - LendEDU|work=LendEDU|access-date=2018-05-17|language=en-US}}{{Cite web|title=LendEDU Scholarship - Office of Financial Aid & Scholarships - Grand Valley State University|url=https://www.gvsu.edu/financialaid/scholarships-view.htm?scholarshipId=7C4A6543-FC06-9DE5-6C08C16F4608639C|access-date=2020-11-02|website=www.gvsu.edu}}{{Cite web|title=LendEDU Scholarship {{!}} LendEDU {{!}} CollegeXpress|url=https://www.collegexpress.com/scholarships/lendedu-scholarship/2026186/|access-date=2020-11-02|website=www.collegexpress.com}} and donations to local charities in New Jersey like The Hoboken Shelter, Advance the Cure for MS, and the Community FoodBank of New Jersey.{{Cite web|url=https://lendedu.com/blog/donation-to-new-jersey-charities-2019/|title=LendEDU | Educated Financial Decisions}}{{Cite web|url=https://advancethecure4ms.org/news-events/2019/5/13/lend-edu-makes-donation-to-advance-the-cure-for-ms|title=Lend EDU Makes Donation to Advance the Cure for MS|date=13 May 2019 }}

In September 2019, LendEDU was a co-sponsor for the Pride Center of New Jersey's first annual gala that celebrated the Pride Center's 25th anniversary of service to New Jersey's LGBTQ community. Other sponsors of the event included Robert Wood Johnson University Hospital, WellCare, and KP Edgestone Realty. {{Cite web|title=LGBTQ Community Gathers for 25th Anniversary Gala|url=https://patch.com/new-jersey/newbrunswick/lgbtq-community-gathers-25th-anniversary-gala|date=2019-09-19|website=New Brunswick, NJ Patch|language=en|access-date=2020-05-22}}

LendEDU's data and research have been featured in press reports.{{Cite news|url=https://www.wsj.com/articles/test-your-smarts-onstudent-debt-1520219341|title=Test Your Smarts on…Student Debt|last=Munk|first=Cheryl Winokur|date=2018-03-05|work=Wall Street Journal|access-date=2018-05-17|language=en-US|issn=0099-9660}}{{Cite news|last=Singletary|first=Michelle|date=2017-03-03|title=The alarming consequences of co-signing your child's student loans|language=en-US|newspaper=Washington Post|url=https://www.washingtonpost.com/business/get-there/the-alarming-consequences-of-co-signing-your-childs-student-loans/2017/03/03/9b545076-fd40-11e6-8f41-ea6ed597e4ca_story.html|access-date=2018-05-17|issn=0190-8286}}{{Cite news|url=https://www.cnbc.com/2017/07/18/student-loan-interest-rates-edge-higher-and-higher.html|title=Loans get even more expensive, tightening the chokehold on students|last=Dickler|first=Jessica|date=2017-07-18|work=CNBC|access-date=2018-05-17}}{{Cite news|url=https://www.bloomberg.com/news/articles/2016-02-02/american-students-know-almost-nothing-about-their-college-loans|title=American Students Know Almost Nothing About Their College Loans|date=2016-02-02|work=Bloomberg.com|access-date=2018-05-17|language=en}}{{Cite news|url=https://www.wsj.com/articles/are-you-ready-for-an-amazon-branded-checking-account-1520251200|title=Next Up for Amazon: Checking Accounts|last1=Glazer|first1=Emily|date=2018-03-05|work=Wall Street Journal|access-date=2018-05-17|last2=Hoffman|first2=Liz|language=en-US|issn=0099-9660|last3=Stevens|first3=Laura}}{{Cite web|url=https://www.marketwatch.com/story/trap-door-under-the-market-could-slash-sp-500-by-two-thirds-warns-fund-manager-2018-11-12|title='Trap door under the market' could slash S&P by two-thirds, warns fund manager}}{{Cite web|url=https://www.foxbusiness.com/personal-finance/states-where-americans-have-most-student-loan-debt|title = States where Americans have highest levels of student loan debt| website=Fox Business |date = 30 April 2019}}

In June 2019, LendEDU released another study that evaluated how seriously student loan debt weighs on consumers that are filing for Chapter 7 bankruptcy.{{Cite web|url=https://lendedu.com/blog/student-loans-bankruptcy/|title = Even After Bankruptcy, Student Debt Still Remains for Many|date = 11 June 2019}}{{Cite web|url=https://www.businessinsider.com/people-filing-for-personal-bankruptcy-carry-student-loan-debt-2019-6|title = An astounding number of bankruptcies are being driven by student loan debt| website=Business Insider }}{{Cite web|url=https://diverseeducation.com/article/147462/|title = Report: Student Loan Debt Thwarts Do-Over for Many Bankruptcy Filers|date = 11 June 2019}}

LendEDU's "top 50 college financial literacy program" rankings are based on a multitude of factors, including the number of workshops and resources available, access to one-on-one financial consultation, and incentivizing programs available.{{Cite web|url=https://lendedu.com/blog/top-college-financial-literacy-programs/|title = Top 50 College Financial Literacy Programs of 2019|date = 10 July 2019}}

In August 2020, LendEDU published its fifth annual "Student Loan Debt by School by State" report that revealed the average student loan debt per borrower figure in the United States had increased to $29,076 in 2019 compared to $28,565 in 2018. {{Cite web|last=|first=|date=|title=|url=https://www.usnews.com/news/best-states/articles/2020-08-19/utah-new-mexico-among-states-with-lowest-average-student-loan-debt-report-shows|access-date=|website=}}

In September 2020, LendEDU released a survey of 1,000 U.S. homeowners that found 55% of those who became homeowners amid the pandemic already regret the decision, mostly due to financial reasons.{{Cite web|last=|first=|date=|title=Why buying real estate may be a bad deal for you amid the pandemic|url=https://www.businessinsider.com/real-estate-is-a-bad-deal-amid-the-pandemic-2020-9|access-date=|website=Business Insider}}

Around 2016, a Web site called "The Student Loan Report" started conducting surveys and issuing reports. A 2018 report, quoted by outlets including Fox News, CNBC, and Inside Higher Ed, stated one in five had invested student loan money in digital currency. According to a subsequent investigation by the Chronicle of Higher Education, the Web site's ostensible founder, "Drew Cloud", despite having "corresponded at length with many journalists" to provide stories, turned out to be fictitious. The Chronicle accused LendEDU of "deceiving news organizations with a fake source" by using the pen name "Drew Cloud." The Chronicle also criticized that, despite LendEDU's ownership of the Student Loan Report, no association between the two had been disclosed.{{cite news|url=https://www.chronicle.com/article/Drew-Cloud-Is-a-Well-Known/243217|title=Drew Cloud Is a Well-Known Expert on Student Loans. One Problem: He's Not Real.|date=24 April 2018|work=The Chronicle of Higher Education|accessdate=28 April 2018}}{{cite news|title=No, Students Probably Aren't Blowing Their Student Loans on Bitcoin|url=https://www.chronicle.com/article/No-Students-Probably-Aren-t/243103|accessdate=28 April 2018|work=The Chronicle of Higher Education|date=12 April 2018}}{{cite news|last1=Siegel|first1=Rachel|title=Widely quoted student loans expert exposed as fictitious creation of a for-profit company|url=https://www.chicagotribune.com/business/ct-biz-drew-cloud-lendedu-student-loan-report-20180426-story.html|accessdate=28 April 2018|work=chicagotribune.com|date=2018}} The Atlantic criticized that "The opaque process of managing student debt can be confusing, and LendEDU's strategy seized upon that confusion to encourage people to consider courses of action, including refinancing, that would make the company money."{{cite news|last1=Harris|first1=Adam|title=The Undoing of an Online Student-Loan 'Expert'|url=https://www.theatlantic.com/education/archive/2018/04/drew-cloud-fake-student-loan-expert/559019/|accessdate=28 April 2018|work=The Atlantic|date=2018}}

The Boston Globe reported that "Pollfish, the company that performed the survey for Matherson, said it arrived at its results independently, and that the findings were accurate."{{Cite news|url=https://www.bostonglobe.com/business/2018/03/22/college-students-are-using-student-loans-invest-bitcoin-yes-really/Syr7mJpgIzDn6iOa6a0g5J/story.html|title=College students are using student loans to invest in bitcoin. Yes, really - The Boston Globe|work=BostonGlobe.com|access-date=2018-05-17}}

According to NPR, the Student Loan Report website received over 8,000 visitors in April 2018.{{cite news|title='Student Loan Report' Admits Its Founder And Editor Is Fake|url=https://www.npr.org/sections/thetwo-way/2018/04/25/605858500/student-loan-report-admits-its-founder-and-editor-is-fake|accessdate=28 April 2018|work=NPR.org|date=2018|language=en}}

In March 2020, the Federal Trade Commission announced that it reached a settlement with operators of LendEDU over allegations of misleading ratings and reviews.{{Cite web|url=https://www.mondaq.com/unitedstates/Media-Telecoms-IT-Entertainment/900576/FTC-Settles-With-Financial-Company-Over-Fake-Rankings-Of-Financial-Products-And-Reviews|title=FTC Settles With Financial Company Over Fake Rankings Of Financial Products And Reviews - Media, Telecoms, IT, Entertainment - United States|website=www.mondaq.com|access-date=2020-03-11}}

{{reflist}}

• [https://lendedu.com/ LendEDU official website]

Category:American companies established in 2014

Category:Companies based in Mountain View, California

Category:Y Combinator companies