Even Staff

2016-01-16

The High Costs of Undergrad Tuition

The status quo in higher education cannot hold. Year after year, families face the grueling process of trying to send their kids to schools they can’t afford, turning what should be a joyful time into a stress-fueled anxiety spiral. As soon as those coveted acceptance letters come in, the question changes from “Where am I going to go to school?” to “How the hell are we going to afford this?” As attorney Steve Cohen wrote for TIME earlier this year, financial aid options remain slim for middle-class families. They’re oftentimes expected to contribute up to $20,000 a year to their kids’ college tuition, which in a lackluster economy is an all-but-impossible feat. Tuition costs have risen more than 1200 percent since 1978, a staggering increase that places more and more strain on prospective students and their families. The high costs of undergraduate tuition, let alone graduate programs, have long forced students to saddle themselves with loan debt they can’t repay. In fact, undergraduate debt may have influenced a recent decline in graduate enrollment numbers. Public schools with strained budgets can’t offer as much as they once might have in tuition assistance, making grad programs a harder sell for qualified students. At some point, the bottom has to fall out. A Forbes contributor called higher ed “ground zero for disruption” last year, but what exactly would that look like? Many jobs call for a minimum of a bachelor’s degree, meaning that people risk being shut out of opportunities if they opt not to go to school. And as Jason Saltzman wrote for Entrepreneur, the networks you build in college, whether through Greek life, classes, or other activities, can help you build a successful career. Still, the Internet enables people from a variety of backgrounds to study virtually any subject, create a portfolio of work, and demonstrate their skills without ever enrolling in an undergraduate program. Sites such as edx.org offer courses from elite schools such as Harvard and MIT, and platforms like Udemy and Lynda sell trainings and tutorials on an incredible array of topics. A rise in entrepreneurial culture could also spur a shift away from traditional schooling, as would-be founders seek apprenticeships and use online tools to access business trainings. Initiatives such as BMW’s Scholars Program allows people to work and attend classes, where they develop skills that they can use in their work at the company’s South Carolina manufacturing plant. Billionaire entrepreneur Peter Thiel established a fellowship to entice students away from college and into the startup world, many of whom have seen massive success through the program. Paul Gu, co-founder of the alternative lending site Upstart, is one of the program’s notable graduates. While not every student has entrepreneurial aspirations, many may decide to skip college in favor of real-world work experience and zero debt. Another Forbes contributor noted that people who are uncertain about school can rise quickly from entry-level jobs straight out of high school and can make a decent living by studying in trade programs to be a plumber or electrician. The Internet has also created countless opportunities for selling products through sites like Etsy and Shopify, making money from affiliate marketing, and monetizing personal blogs and video channels. Think of the 17-year-old behind Origami Owl, the $250 million jewelry business. She’ll never have to worry about student loans, and it’s not impossible to replicate her success. Many bloggers and online owners publish courses and sell trainings in how to build businesses, market your consulting services, and create a profitable author following. People can achieve their dream jobs for a fraction of what it would cost them to attend a four-year school. While college is still a formative experience, there is an ever-growing number of ways to build a career and make a living that doesn’t require a degree. As tuition costs remain high and young generations’ disillusionment with debt increases, it’s not unlikely that people will seek alternatives to college and graduate programs.

 

 

Disclaimer: The material provided on this site is not intended to provide legal, investment, or financial advice or to indicate the suitability of any Even Financial product or service to your unique circumstances. For specific advice about your unique circumstances, you may wish to consult a qualified professional. Any information or statistical data sourced by Even Financial through hyperlinks, from third-party websites, are provided for informational purposes only. While Even Financial finds these sources to be accurate, it does not endorse or guarantee any third-party content

Proven Scale & Trust

$525B+

in consumer applications for financial services

100M+

consumer profiles generated

6.5 Million+

applicants routed monthly

What our partners are saying

"By implementing Even’s technology, we have been able to build a multi-vertical financial marketplace and more than double revenue and engagement."

Michael Bourgeois
Michael Bourgeois
Business Lead

AWARDS

PRESS

Read all about it!

HAVEN LIFE
Haven Life’s All-Digital Life Insurance Application Experience Launches on Even Financial’s Leading Life Insurance Search Engine
Even features the industry’s largest multi-carrier, all-digital life insurance marketplace New York, New York – August 16, 2021 – Even Financial (“Even”), the leading search, comparison, and recommendation engine for financial services, has announced the launch of Haven Term and Haven Simple on its life insurance marketplace platform. Leveraging machine learning and advanced data science, Even solves a significant pain point in financial services customer acquisition by seamlessly bridging financial institutions and channel partners via its industry-leading API and embeddable solutions.   With the addition of Haven Term and Haven Simple, Even has further expanded its extensive network of premium life insurance offerings, strengthening its position as the industry’s largest multi-carrier, all-digital life insurance marketplace. Haven Life, which offers Haven Term and Haven Simple, and is backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual), is known for its customer-centric approach and for its commitment to making life insurance more affordable and accessible. Haven Life’s term life insurance offerings will be available on Even properties and via its wholly owned subsidiary LeapLife.   “In these uncertain times, the majority of U.S. adults want the financial security of high-quality life insurance, but are often dissuaded by the complex application process and need to complete an in-person medical exam,” said Phill Rosen, Founder and CEO of Even Financial. “Haven Life’s groundbreaking, all-digital application experience brings tremendous accessibility and peace-of-mind to consumers. We’re thrilled to welcome them to the Even platform.”   The launch of Haven Term and Haven Simple on the Even platform enables consumers to get matched with medically underwritten term life insurance policies that they can apply for and, if approved, purchase instantly online. While most Haven Term applicants will need to take a medical exam, Haven Simple applicants do not. Haven Life’s offerings expand the variety of life insurance options already available to consumers through Even’s API.   “Haven Life is committed to meeting life insurance customers wherever they are — and often, it's where they are managing the rest of their financial life," said Wade Seward, Head of Distribution Strategy at Haven Life. "On the heels of introducing even more affordable pricing for the Haven Term product, our partnership with Even Financial allows us to marry that affordability with greater accessibility to offer comprehensive financial protection to shared clients with ease and efficiency.”    Even entered the life insurance industry in 2020 through its acquisition of LeapLife, a leading insurtech and licenced life insurance agency. Since that acquisition, Even has worked with its large network of channel partners to make the process of getting personalized life insurance fast, easy, and accessible for consumers. In addition to Haven Term and Haven Simple, products offered by leading insurance companies including Lincoln Financial Group, Pacific Life, and Mutual of Omaha are available through LeapLife, Even’s life insurance platform. Companies such as TransUnion and Lantern by SoFi rely on Even’s embedded finance marketplaces to power 100% digital personalized life insurance policy quotes for their customers, with live agent support.   Even has continued its rapid growth trajectory in 2021 by reaching over $3 billion in consumer credit issued through its API and expanding its platform to over 800 partners. Earlier this year, Even was named one of “America’s Best Startup Employers'' by Forbes for 2021 and placed in the Top 50 of the 2020 Deloitte Technology Fast 500, which recognizes the fastest growing tech companies in the world.   About Even Financial   Founded in 2014, Even Financial is a B2B fintech company that is transforming the way financial institutions find and connect with consumers. As the leading search, comparison, and recommendation engine for financial services, Even seamlessly bridges financial institutions (such as SoFi) and channel partners (such as TransUnion) via its simple yet robust API and embeddable solutions. Even turns any consumer touchpoint into a comprehensive financial services marketplace with full compliance and security at scale. The company is backed by leading financial services firms and VCs, including American Express Ventures, Canaan Partners, Citi Ventures, Fidelity’s F-Prime Capital, Greatpoint Ventures, Goldman Sachs, LendingClub, and MassMutual Ventures. Learn more at www.evenfinancial.com.   About Haven Life Insurance Agency   Haven Life Insurance Agency, LLC (Haven Life) is re-thinking how people financially protect the ones they love. Haven Life is committed to delivering exceptional products, delightful purchasing experiences, and meaningful moments of service to the modern life insurance customer. Haven Term is a Term Life Insurance Policy (ICC21 Haven Term in certain states, including NC) issued by C.M. Life Insurance Company (C.M. Life), Enfield, CT 06082. In New York (DTC-NY), and California (DTC-CA), and other states, it is issued by Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111-0001.    Policy and rider form numbers and features may vary by state and may not be available in all states. Haven Term is available through Haven Life Insurance Agency, LLC (Haven Life), whose agency license number in California is OK71922 and in Arkansas, 100139527. Both Haven Life and C.M. Life are wholly owned subsidiaries of MassMutual.   Please note that issuing the policy or paying its benefits depends on the applicant’s insurability, based on their answers to the health questions in the application, and their truthfulness.   MassMutual and its subsidiaries C.M. Life Insurance Company and MML Bay State Life Insurance Company are rated by A.M. Best Company as A++ (Superior; Top category of 15). The rating is as of June 1, 2021 and is subject to change. MassMutual has received different ratings from other rating agencies.   Media Contact media@evenfinancial.com    
YAHOO! FINANCE
Yahoo! Finance: Even Financial Reaches $3 Billion In Credit Issued Milestone
Even has surpassed a significant threshold in credit issued, having now facilitated over $3 billion in consumer credit as of July 2021. The milestone is significant in the financial services industry, as Even has also expanded its platform to over 800 partners.    Click below to read more at Yahoo! Finance.
PYMNTS
PYMNTS: Even Launches Embedded Finance App on Salesforce
Now, financial advisors and other businesses will have a way to leverage Even’s platform for their clients. ‘Financial Products for Salesforce’ - Powered by Even, a plug-and-play app available on the Salesforce AppExchange, matches consumers with real-time, personalized financial product offers.   Click below to read more at PYMNTS.com.