Would You Take An Interest-Free Loan In Exchange For A Slice Of Your Future Success?
From Fast Company January 22, 2013 - 8:00am
That’s the model behind Pave, a new service which hopes to eliminate crushing college debt by hooking up lenders with students willing to give up a percentage of their future earnings for money today. Student debt is an ever growing topic of discussion--as we’ve pointed out before, it passed the $1 trillion mark in 2012. Naturally, a host of tech-heavy startups have emerged to tackle the problem. The latest is Pave, a platform that lets people invest in students and young people just getting started in their careers. In exchange, backers get a percentage of their earnings over an agreed-upon period of time. If the young person’s earning drop below 150% of the poverty line, they don’t need to share their cash. The idea for Pave first came to co-founder and CEO Sal Lahoud when a friend asked him for a loan. He said no, but suggested doing a revenue share inste...
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