It’s no secret that college is expensive. Very expensive. According to The College Board, a public four-year in-state college tuition bill runs students an average of $36,556, with public four-year out-of-state tuition costs averaging $91,832 and private four-year college averaging a whopping $124,924.
What’s more outrageous than the hefty price tag that accompanies a college degree is that students leave $2.7 billion on the table each year in free federal aid due to the complex process of applying for financial grants.
was founded to help solve this problem.
In an attempt to appeal to the high school set — who are already glued to their phones — NextGenVest’s free SMS service helps students complete financial aid applications, interpret award packages and prepare for college expenses through text message reminders and on-demand guidance.
Today, the company launched Money Mentors, a pairing service that helps students receive financial aid help and reminders 24/7. The program automatically matches students with their own “Money Mentor” (a real person) who can provide customized information regarding financial aid. While in beta, the program has already been helping underserved NYC students negotiate their college tuition, source scholarships and understand student loan burdens — all over text message.
This type of service is valuable when dealing with FAFSA (Free Application for Federal Student Aid) jargon and deadlines. Using Money Mentors, students simply text "I want help" at any time to the company's hotline number. In turn, a Money Mentor will walk the student through a series of questions to ensure they are on track to never miss a deadline.
Mentors are typically college students, who can set up “Money Mentors” chapters at their schools. To supplement the text-based service, NextGenVest also offers campus money tips on its site to offer personalized insights for different universities. For example, NYU students can find information on the site on how to maximize their NYU student ID to get more savings.
NextGenVest was founded by Kelly Peeler in 2014, whose mission was to help the next generation of students manage their money effectively.
"We really want to build trust with students while they're going through their biggest financial decision,” said Peeler. "We also wanted to reach the most underserved students and make it free. We want to turn money into a conversation over text message versus a to-do list."
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