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EverFi Launches Product to Help Students Tackle Trillion Dollar Student Loan Debt Crisis
Apr 14, 2011 (06:04 PM EDT)
WASHINGTON, April 14, 2011 /PRNewswire/ -- EverFi, Inc., the leading education technology platform, announced the launch of its Buttonwood™ Student Loan Management platform to directly tackle the trillion dollar crisis of student loans. At a time when student loan debt has outpaced credit card debt for the first time, Buttonwood™ allows students to build the financial skills necessary to manage the growing debt they are borrowing to pay for higher education. Buttonwood™ will be in over 60 for-profit and non-profit higher education institutions this spring.
"Students and families are under immense financial pressure as they struggle to finance higher education," said EverFi Chief Executive Officer Tom Davidson. "Through Buttonwood™, we directly empower students with concrete financial and student loan decision-making skills that lead to finishing school and gainful employment."
"Our goal is that every student takes this course," said Chief Operating Officer Jon Chapman and Buttonwood™ President. "The student wins, as does the institution focused on decreasing their cohort default rates. We preventatively help students manage their debt obligations that remain with them their entire lives."
The Buttonwood™ Platform includes a compressed and sophisticated new media presentation of key financial literacy concepts, complemented by an interactive, highly customized gaming simulation that provides a different experience for each individual. Reflecting the diversity of the postsecondary student population, Buttonwood™ adapts to each user so that the educational content around loan management is most applicable to them. Current customers include both for-profit and non-profit institutions.
About EverFi, Inc.
EverFi is the leading education technology platform to teach, assess, and certify students in critical skills including Financial Literacy, Student Loan Management, Digital Literacy, Substance Abuse, and additional product areas to be announced in 2011. The company is already powering a national movement in 50 states that enables students to learn using the latest technology, including rich media, high-definition video, diagrams and avatars. EverFi's current products include The EverFi Financial Literacy Platform™, Buttonwood™ Student Loan Management Platform, Ignition™ Digital Literacy Platform, and AlcoholEdu® for Colleges.
In March 2011, EverFi acquired Outside the Classroom whose products are used in over five-hundred college campuses, including the majority of the top 100 ranked schools in U.S. News & World Report. More than 3 million students to date have taken Outside the Classroom products, making it one of the largest online courses in the world.
In September 2010, EverFi raised $11 million from New Enterprise Associates, Allen and Company, Tomorrow Ventures, the investment vehicle for Google Chairman Eric Schmidt, and leading CEOs such as Michael Chasen, CEO of Blackboard.
Learn more at www.everfi.com
SOURCE EverFi, Inc.