Providing Necessary Resources To Combat The 50% College Drop Out Rate
The college dropout rate in Latin America is 50%. Amazingly, 70% of dropouts list lack of financial resources as the primary reason for their withdrawal. For millions of students around the world, financial aid is scarce if not absent. In Mexico, only 2% of college age youth are able to access education financing. World Bank research shows that graduation rates can double with broadly available student financing options. So with broad financing options available Mexico could potentially increase University graduation rates from 13% to 26%. Imagine what that would do for Mexico’s economy.
The college dropout rate in Latin America is 50%.
Where financial aid options are available, the painstaking paperwork submitted in pursuit of financial aid usually hasn’t changed in decades. Applications need to be submitted in person, during office hours, and it typically takes weeks or months before a student receives a response. It’s an awful experience. Quotanda solves this problem with the world’s first white-label (partner branded) multi-currency, multilingual, Lending-as-a-Service (LaaS) platform, which streamlines and automates student financial aid applications for schools and lenders globally. With Quotanda’s decision engine (based on the school or lender’s criteria) students can apply 24/7 and find out immediately if their loan or scholarship request is a “yes” or a “no”.
Quotanda’s goal is to democratize access to education and to help more students go to school and stay in school.
Quotanda’s goal is to democratize access to education and to help more students go to school and stay in school. The company’s platform provides state-of-the-art, mobile-enabled loan origination and service that makes it fast and easy for lenders and schools to launch and manage education financing programs.
The company’s platform makes it fast & easy for lenders and schools to launch and manage education financing programs.
Quotanda currently operates in Mexico and Spain, but they have global aspirations. The company was inspired by a founder who saw the problem of limited student financing options first hand while studying in Spain. Grant Taylor realized that, while U.S. students in his class could get loans for tuition and living expenses, the 90% of his classmates that were not from the U.S. had limited financing options. Quotanda’s team includes deep expertise in the field, including investors and advisors who first pioneered the lending-as-a-service business model in student loans in the U.S. and who previously managed student financing programs for 250 lenders including banks like Wachovia and start-ups like SoFi (Social Finance).
Quotanda’s team includes deep expertise in the field, including investors and advisors who first pioneered the lending-as-a-service business model in student loans in the U.S.
Quotanda is now managing financing programs with multiple universities and financial institutions and has team members in Barcelona and Mexico City. Grant shares one of Quotanda’s biggest challenges is continuing to retain their culture as they grow. The secret according to Grant, is seemingly simple yet underrated: communication. Regular team calls and encouraging an open environment and honest feedback from all team members is something that he feels is imperative.
The secret of maintaining company culture as you grow is seemingly simple yet underrated: communication.
Participating in Parallel 18 presented an opportunity for Quotanda’s development team to work together in person for the first time, bringing leadership and remote developers together in one location, which helped to build camaraderie and efficacy of operations. Parallel 18 gave them visibility, credibility, and exposure to a new market, plus introductions to mentors that proved invaluable including advice from experts in their field. Grant shares additional advice for fellow entrepreneurs — be persistent, yet flexible to change. Your first idea you are committed to will likely evolve. Fall in love with solving the problem rather than your solution.
“Fall in love with solving the problem rather than your solution.”
— Grant Taylor, Co-Founder of Quotanda
If you know anyone who works with universities, foundations, financial institutions, or governments (state or federal) and want to help them consider opportunities for setting-up or improving their financial aid programs (loans and/or scholarships), connect them with Quotanda now and help to democratize access to education.
Know anyone who works with universities, foundations, financial institutions, or governments?
Originally published at catgeorge.com on July 18, 2017.