An Interesting Alternative to Student Loans

http://www.npr.org/templates/story/story.php?storyId=129727074

I found this interview, which ran on NPR on September 8, 2010, quite interesting.  The interview is with Neoga Leviner, General Manager, Lumni Inc., a company that has created an interesting alternative to traditional student loans.

Traditionally, students borrow the money they need for college and are able to defer interest from accumulating until after their graduation.  Once they graduate, students may have thousands or dollars worth of debt to pay off – a sizeable hole that students are forced to climb out of before they can even dream about saving for a car, a house, or – gulp! – retirement.

Lumni offers students an alternative.  They will loan students up to $6,000 a year for college – not enough to completely fund a college education, but an amount meant to help bridge the gap between the amount available to the student and the amount needed by the student.  In exchange, students sign a contract to pay Lumni a percentage of their salary (the actual percent is not mentioned in the interview) for a fixed period of time, usually 10 years, after they graduate.

Lumni was started in Latin America, and this year will be making their first loans to students in the United States.  If you are going to start college soon and are forced with the dilemma of financing your education, you may wish to check with Lumni. Would this type of loan interest you?

By: Joe Geistfeld, Marketing Intern

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