Michael VanErdewyk, CEO and Chairman of ReliaMax, discusses the intersection of Fintech and Insurtech on Mitchell Chadrow’s Listenup Podcast Show
ReliaMax CEO and Chairman, Michael VanErdewyk, recently appeared on Mitchell Chadrow’s Listenup Podcast Show to discuss the rapid growth of the FinTech industry and how ReliaMax entered the Private Student Lending (PSL) space.
The cost of higher education in the U.S. has skyrocketed, surpassing $400 billion annually. As college tuition continues to increase, students and their families are left footing the $200 billion not covered by public funding sources, such as Federal Student Loans, Grants, and Scholarships.
All too often, families turn to financial solutions that cost significantly more than Private Student Loans. Paying for college with home equity or personal loans, 401k’s, and credit cards, means wasting money on exorbitant interest rates, tax penalties, and fees not typically associated with PSLs.
ReliaMax is focused on providing innovative solutions to students and lenders that bridge the $200 billion gap. By leveraging more than 30 years’ worth of historical PSL data acquired in the 2006 purchase of HEMAR from Sallie Mae, ReliaMax has developed underwriting, analytics, pricing, and default prevention strategies that drive revenue both internally and for clients.
As the first true Marketplace Platform offering borrower acquisition, origination, servicing, insurance*, and liquidity, ReliaMax continues to engage students and lenders with products and services developed for the next generation of borrowers. From building the first-of-its-kind mobile servicing app that enables borrowers to make loan payments and manage their PSL accounts directly from their mobile device, to being the only company in the world to insure Private Student Loans, ReliaMax remains a leading innovator in the FinTech and InsurTech spaces.
To learn more, listen to the podcast.