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 91 days ago
 Startup Around Originals

Women-Owned Startup, Snowball Wealth Aims to Tackle the $1.6 Trillion Dollar Student Loan Crisis

Today Snowball Wealth has announced the upcoming launch of its new app to help people, especially women, pay student debt faster.

The app comes as a response to the student debt crisis in America. In the U.S., student loan borrowers owe a collective $1.6 trillion in federal and private student loans, according to the Federal Reserve. Of that debt, women carry $930 billion, and about $2,700 more than men individually, according to a report by the American Association of University Women. Earning fifteen percent less than men, women pay their student loans more slowly.

The technology company is co-founded by three women who are all first generation college graduates, each with more than a decade of experience in the finance and tech industries at companies like Goldman Sachs, Microsoft and Google. They aim to tackle the student debt crisis with an app that leverages machine learning and human insights to offer personalized financial recommendations. The app's algorithms determine the best options to help users know how and when to pay off their debt.

“Carrying student debt can be daunting and it affects loan borrowers in significant ways, well after graduation and into adulthood.” says Tanya Menendez, co-founder and CEO at Snowball Wealth. “By creating a tool that allows users, especially women, to make the most financially savvy decisions to pay off their student loans, we can dramatically change the future of women, families, and society as a whole.”

Menendez -- who previously started an online marketplace used by over 200,000 businesses -- launched Snowball Wealth along with co-founders Pearl Chan-Schopmeyer and Pamela Martinez when they experienced first-hand how the student loan crisis is the most significant financial issue facing college graduates today.