Smart entrepreneurs recognize that problems are opportunities, and they create new business models to solve them.
To have a thriving economy that works for everyone — not just the privileged few — the student debt crisis has to be solved. About 43 million adult Americans — roughly one-sixth of that population —
Laurel Taylor knew the problem firsthand. She is a former Google employee in Cambridge with a stellar credit score of over 800 and was offered a 9% interest rate on a student loan to finance her MIT Sloan MBA. Imagine what her interest rate would have been if she did not have a good credit score! And, how long it would take to pay back the loan.
Student debt was a problem that begged to be solved, Taylor realized. She would help student- and student-parent borrowers crush their student debt by assisting them in consolidating the management of their loans and lowering the interest rates so they could get out of debt faster. Student-parents are cosigners or take out loans on behalf of their children. When a parent takes out a loan that financial aid doesn't cover, the interest rate is much higher.
Raising money is always difficult, but when you're a female founder, who is creating a new category, it is especially hard. In the beginning, Taylor bootstrapped it, using her own money. When she needed more money, the key to her success was identifying believers who were committed to making an impact.
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