Frank, a New York-based student-facing platform has raised $5 million in its interim strategic round with an aim to get students max financial aid.
The new round has been raised with the help of by Chegg, a public edtech company with the participation of new investor GingerBread Capital and the existing investors Marc Rowan and Aleph.
According to Charlie Javice, the Founder and CEO of Frank, the education funding-focused startup has lastly raised a capital around $10 million in Series A funding round in December 2017 following its seed round of worth $5.5 million in that same year.
According to the statistics received from the Federal Reserve, borrowers have a collective $1.5 trillion in student debt in the United States which is described as a growing burden among college graduates.
In an article published by Bill Gates, the Founder of Microsoft, he advocated for a simplified process of the Free Application for Federal Student Aid, or FAFSA. According to Bill Gates, the application has 108 questions which is three times the length of a standard federal income tax form.
Bill Gates stated, “Without financial aid, many students drop out of school or decide not to go to college at all. At a time when our country needs more college graduates, the financial aid application process has become an unnecessary roadblock on the path to a higher education degree.”
Charlie Javice, a 28-year-old entrepreneur graduated from University of Pennsylvania had recognized the same problems and decided to get some solution for it. In 2016, she helped 1000 students to fill out financial aid request forms in the South Bronx.
Charlie stated, “Just by sitting and counseling all of these students – every story is unique but every problem is kind of a pattern that emerges, and it’s how you can fix a piece of technology and application process that dates back to the 50s.”
According to the Frank, to date, the company has helped more than 300,000 students apply for and receive over $7.5 billion in financial aid.
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