附近上门

As tuition costs continue to rise, financial aid benefits are in helping students pay for higher education.

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However, , a startup founded by helps students and families get every dime of financial aid possible by negotiating directly with universities on the student鈥檚 behalf. This approach, and its four minute FAFSA application process, led to a $5.5 million seed-stage round in March of 2017. The company has since announced an additional $10 million Series A round from RWN, , and 鈥攂ringing its total funding amount to $15.5 million.

Part of the justification for such a quick turnaround in funding is likely Frank鈥檚 growth. According to its press release, 鈥溾�媡he鈥� 鈥媏stimated鈥� 鈥媐inancial aid鈥� 鈥媋warded鈥� 鈥媡hrough鈥� 鈥婩RANK鈥� 鈥媡o鈥� 鈥媠tudents鈥� 鈥媔s鈥� 鈥�$5.5鈥� 鈥媌illion,鈥� 鈥媋cross鈥� 鈥�200,000鈥� 鈥媐amilies.鈥� Javice also told 附近上门 News that Frank is now adding a total of 鈥�2,000 families a day,鈥� and that 49 percent of its users are first generation college students.

The $10 million Series A is meant to help accelerate growth and develop new products around the aid application process, including appeals, work study, and loan forgiveness, according to its founder.

Frank also intends to use the data it has gathered on universities and their financial aid to increase transparency on higher education costs.

鈥淚magine a marketplace with the real price of college before you apply that guarantees the lowest price and enables you to then lock in the price and pay online,鈥� Javice explained to 附近上门 News. 鈥淭hat’s where we are heading.鈥�

And assuming Frank is successful in increasing and lowering tuition for families and students, it鈥檚 possible that Frank will find opportunities to monetize for years to come, as Javice goes on to note.

鈥淔rank follows the customer every semester every year. Financial aid is all year round while you are applying to school and going through school,鈥� Javice explained to 附近上门 News. 鈥淲e will follow the family from school selection to 15 years of student loan payments.鈥�

Currently, the company takes a cut of aid proceeds if it is able to through its negotiations. Javice also told 附近上门 News that Frank plans 鈥渢o share in the tuition savings of our customers by charging for premium services upon success in lowering their tuition bill.鈥�

In addition to its quick turnaround in funding, Frank鈥檚 Series A is also notable for women who are founding tech startups. As 附近上门 News has previously reported, women-founded startups often receive fewer funding opportunities and encounter more bias in the fundraising process. As Michael Eisenberg, a partner at Aleph put it in the company鈥檚 press release, 鈥淐harlie is a woman on a mission to help more young people succeed through accessible education.鈥�

In an industry where costs are skyrocketing and aid is more convoluted than ever to obtain, a champion for students is likely welcome.

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