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.

Krish Pandya, k.pandya@loanbye.com