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.
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NEW YORK, NY, March 15, 2022 -- Even Financial ("Even"), the category-leading embedded finance marketplace and independently managed subsidiary of MoneyLion, Inc. (NYSE: ML), has announced a new partnership with Tally, a leading financial automation company, to include the company's low-interest credit offerings on its platform.
"Tally has built a powerful tech-enabled system to help people solve one of the biggest financial problems today: paying off credit card debt," said Phill Rosen, Founder and CEO of Even. "We're thrilled to welcome Tally's line of credit offerings to Even's unparalleled network of financial services providers."
Tally is designed to help its members pay off their debt faster and save them money on interest and late fees. Members can lower their monthly payment with Tally's lower-interest line of credit, if eligible. Typically, at least a 580 FICO score is needed. Tally's system is customized to save people as much money as possible.
"Americans today owe nearly $1 trillion in credit card debt. We know from our research that many want to pay down their debt but struggle to get started. That's where Tally comes in," said Jason Huynh, VP of Credit, Analytics & Operations at Tally. "Our system combines financial automation with a low-interest line of credit to give people the help they need to get on track to pay off their credit card debt for good. We're thrilled that our partnership with Even will allow Tally to help even more people."
The launch of Tally on the Even platform enables consumers to get matched with Tally's custom, low-interest line of credit accounts of up to $25,000 in just a few minutes. After getting matched, eligible consumers complete the process through the Tally app. There are no out-of-pocket costs.
Tally is the latest partner to join the Even marketplace, a growing network of over 400 financial services partners and 500 channel partners covering a breadth of financial services including loans, credit cards, mortgages, savings, and insurance products. Even's marketplace technology enables any company to add financial products to its business, with full compliance and security, at scale.
About Even Financial
Even digitally connects and matches consumers with real-time, personalized financial product recommendations from banks, insurance carriers, and fintech companies on mobile apps, websites, and other digital touchpoints through its marketplace technology. Even's infrastructure leverages machine learning and advanced data science to solve a significant pain point in financial services customer acquisition, seamlessly bridging financial services providers (such as SoFi) and channel partners (such as TransUnion) via its industry-leading API and embedded finance marketplaces. Even enables any company to add financial products to its business, with full compliance and security at scale. Even was named one of "America's Best Startup Employers'' by Forbes for 2021 and was named to the 2021 Deloitte Technology Fast 500, which recognizes the fastest growing tech companies in the world. Learn more at www.evenfinancial.com.
Tally is a consumer financial tech company pioneering full-service financial automation to help people save money, pay down their debt and reach their goals sooner. Founded in 2015, the company built the first fully automated debt manager to help put billions of dollars back in people's pockets. In 2021, Tally was named to Fast Company's Most Innovative Companies list and to Quartz's Best Companies for Remote Workers. Previously, Tally made Forbes' Next Billion Dollar Startup list, Forbes' Fintech 50 list, and the app won Real Simple's Smart Money award. Learn more at meettally.com.
NEW YORK, NY, April 19, 2022 -- Even Financial (“Even”), the category-leading embedded finance marketplace and independent subsidiary of MoneyLion, Inc. (NYSE: ML), has announced it has now facilitated over $5 billion in consumer credit, as of March 2022. Leveraging machine learning and advanced data science, Even solves a significant pain point in financial services customer acquisition by seamlessly bridging financial service providers and channel partners via its industry-leading API and embedded finance marketplaces.
“Surpassing $5 billion in consumer credit facilitated through our marketplace is an enormous achievement for Even as we continue to help build the future of finance technology,” said Phill Rosen, Founder and Chief Executive Officer. “Access to credit has long been a challenge for many hard-working Americans, and we are dedicated to alleviating this issue by providing consumers personalized financial services offers that meet their needs, when they need it most. Reaching the $5 billion milestone reaffirms that our mission is driving significant value for both consumers and our partners."
Even has grown its embedded finance marketplace offerings beyond loans to cover a breadth of additional financial services including credit cards, mortgages, savings, and insurance products. Within loans, Even offers the largest network of premium, connected loan providers - across a wide array of products including unsecured personal loans, secured personal loans, line of credit, student loan refinancing, and auto loan refinancing. Leading financial services providers, such as LendingClub and SoFi, partner with Even to reach qualified consumers searching for loans, benefiting from Even’s unparalleled network and native integrations.
The company has continued its rapid growth trajectory in 2022, growing its network to include over 400 financial services partners and 500 channel partners. Even's marketplace technology enables any company to add financial products to its business, with full compliance and security at scale. Earlier this year, Even announced the close of its acquisition by MoneyLion, the award-winning digital financial platform, which will continue to advance their combined efforts of providing financial access and advice to hard working Americans.
About Even Financial
Even digitally connects and matches consumers with real-time, personalized financial product recommendations from banks, insurance carriers, and fintech companies on mobile apps, websites, and other digital touchpoints through its marketplace technology. Even's infrastructure leverages machine learning and advanced data science to solve a significant pain point in financial services customer acquisition, seamlessly bridging financial services providers (such as SoFi) and channel partners (such as TransUnion) via its industry-leading API and embedded finance marketplaces. Even enables any company to add financial products to its business, with full compliance and security at scale. Even was named one of "America's Best Startup Employers'' by Forbes for 2022 and was named to the 2021 Deloitte Technology Fast 500, which recognizes the fastest growing tech companies in the world. Learn more at evenfinancial.com.