Impact Thesis

A platform that makes it easier to refinance and accelerate student debt payments through an employer sponsored portal will reduce the overall burden of student loans. Reducing loan burden will improve a borrowers overall financial health and reduce the likelihood of financial distress events, such as bankruptcy.

Candidly develops free tool to SUPPORT student loan borrowers

The numbers that illustrate the student loan crisis are staggering. According to recent data, 45 million borrowers in the US owe a collective $1.77 trillion in student loan debt. Additionally, the effects of the COVID-19 pandemic - layoffs, payment suspension, changing interest rates - have added a layer of complexity to what is already a confusing industry.
Candidly is a benefit platform that enables employees to manage their loans and reduce the cost of their debt. Its newly-launched Reassess tool is a free resource that helps borrowers discover their eligibility for Federal repayment plans and loan forgiveness options. A 2021 case study produced by Chime shows that Candidly’s Reassess tool has saved its members a total of $4.5 million and reduced their monthly payments by 91%.

SDG Goal 4: Quality Education
- Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all