Foundation Invests $300,000 in LoanBYE, a Pittsburgh-Based Company That Specializes in Comprehensive Student Loan Debt Relief Solutions Offered as Part of an Employer's Benefits Package
01 Agosto 2024 - 9:10AM
Business Wire
LoanBYE, LLC is pleased to announce that we have received a
$300,000 investment from the Richard King Mellon Foundation. This
represents a significant commitment from the foundation to social
impact through support of talent employed by early education
centers and childcare providers. LoanBYE administers benefits that
provide comprehensive student loan debt relief solutions to
employees.
By channeling funds into an employer-provided student loan debt
repayment and relief platform, the foundation is not only aiding
individual educators burdened with student loan debt but also
bolstering the educational infrastructure for children in
Pittsburgh's most vulnerable areas. This strategic move aligns with
the foundation's broader goals of economic mobility, alleviating
poverty by enhancing early education, and promoting childcare.
LoanBYE’s co-founder, Krish Pandya, emphasizes LoanBYE's role in
providing market-based student loan relief solutions that could
work hand in hand with government programs. This initiative is a
prime example of how strategic philanthropy, and innovative
financial tools can work together to create sustainable change in
communities.
LoanBYE plans to use the proceeds from the Foundation Investment
to support the company’s platform that addresses the gap between
debt-strapped employees and mission-driven employers by providing a
user-friendly, stable, and secure platform for companies and
organizations to provide student loan relief solutions, including
payments as a component of their employee benefits package.
Specifically, the funds will be used to develop its student
debt-focused employee benefit platform and partner with
childcare-focused organizations that are either primarily located
in one or multiple underserved or vulnerable communities or
primarily serve low-income or otherwise underserved
populations.
About LoanBYE:
LoanBYE, LLC is a Pittsburgh based company that focuses on
providing comprehensive student loan relief solutions as an
employer provided benefits package. Everything from direct employer
contributions, retirement savings through 401k matches, and tools
to assess and enroll into loan forgiveness programs.
About the Richard King Mellon Foundation: Founded in
1947, the Richard King Mellon Foundation is the largest foundation
in Southwestern Pennsylvania, and one of the 50 largest in the
world. The Foundation’s 2023 year-end net assets were $2.9
billion, and its Trustees in 2023 disbursed more than $176 million
in grants and program-related investments. The Foundation focuses
its funding on six primary program areas, delineated in its
2021-2030 Strategic Plan.
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Krish Pandya, k.pandya@loanbye.com