Businesswire | April 27, 2023
Summer, the certified B Corp committed to addressing the national student debt crisis, announced that it has raised $6M in new capital, with $18M raised in funding to date. General Catalyst, QED Investors, Flourish Ventures, Greycroft, Story Ventures, Gaingels, Calm VC, Partnership Fund for NYC, Fenway Summer, BDMI, and Avidbank participated in the financing.
The company also announced it has surpassed $1 billion in total projected savings for borrowers, and it has hired Leigh Gross as Chief Revenue Officer to lead partnerships with recordkeepers and other financial institutions interested in Summer Secure, the company’s automated solution for SECURE 2.0 retirement matching.
Student loan debt in the United States now stands at $1.75 trillion, according to the Federal Reserve, exceeding credit card and auto debt. It is often the first meaningful debt that young people incur, and can lead to a domino effect on their financial life–making it harder to save for retirement or buy a home years after graduating. Summer works with leading financial institutions, employers, and unions to provide a high impact, comprehensive digital solution that helps individuals plan for college costs, reduce the burden of student loan debt, and optimize retirement savings. To date, the company has delivered more than $1 billion in total projected savings for borrowers across the United States, offering assistance on every leg of the personal finance journey.
“We’re thrilled to announce this new funding, especially at a time when the need for better college planning and student loan solutions has never been more acute,” said CEO and co-founder Will Sealy. “As student loan forgiveness hangs in the balance and payments are set to resume for the first time in years, we’re excited to share our solution with more people to enable them to unlock financial freedom.”
Summer’s funding comes at an exciting time for the business as it continues to expand partnerships with retirement recordkeepers and payroll providers on the heels of its partnership with Fidelity Investments in 2022. Due to the recent passage of the SECURE 2.0 Act, many institutions are turning to Summer to support their employer clients with student loan retirement matching, leveraging Summer’s digital API suite and its expertise with operationalizing complex student loan policies into high-adoption solutions.
In a recent survey, 91% of employees with student debt said they would save more money for retirement if their employer offered a student loan repayment program. By ensuring that an employee’s student loan payments count toward the retirement match provided by their employer, Summer’s workplace solution can relieve student loan borrowers from having to make an impossible decision between paying down their debt or saving for retirement.
Summer was founded in 2017 by Sealy, a former Policy Analyst and Assistant to Sen. Elizabeth Warren and a veteran of the Consumer Financial Protection Bureau, Chief Product Officer Paul Joo, with previous experience at the U.S. Attorney’s Office and the Boston Consulting Group, and Chief Product Officer Vincent Tran, who previously led product at Pave and Orchard and was an investor at the Partnership Fund for NYC.
Summer’s recent partnership milestones include a student loan benefit launched with Intuit’s personal finance subsidiary, Credit Karma, and an expanded partnership with the American Federation of Teachers to support their 1.7 million teachers, government employees, and healthcare workers. Summer will use the new funding to expand the platform to help even more borrowers with a holistic approach to financial well-being.
Summer partners with financial institutions and employers to empower their populations to reduce education costs and student debt through proven technologies, policy expertise and human support. Founded in 2017 by industry experts, Summer’s mission is to alleviate student loan debt for 46 million borrowers by providing leading solutions for college cost planning, automated enrollment for loan assistance plans, tuition assistance, student loan contributions and retirement matching, and emergency savings. Summer is a certified B Corporation.
Bluum | May 10, 2023
Bluum, is pleased to announce the opening of "The Modern Classroom" in their Las Vegas office. The Modern Classroom is designed to transform the learning experience by providing an environment that encourages critical thinking, adapts to student needs, promotes collaboration, increases student engagement, and heightens motivation to learn. "Technology is not a substitute for a teacher, but a tool that, when used effectively, can enhance the teacher's ability to engage and inspire students to reach their full potential," Wayne LawsonThe Modern Classroom is equipped with the latest educational technology solutions and tools to support teachers and students in achieving their educational goals.With interactive flat panels, software, STEM products and other cutting-edge classroom solutions, students will be able to engage in collaborative and interactive learning experiences that foster critical thinking and problem-solving skills.
At Bluum, we provide technology design, engineering, solutions and services that make business and learning environments more exciting, accessible and interactive, empowering professionals with the resources and knowledge they need to build a brighter tomorrow. Visit Bluum and Bluum Technology to learn more.
About Wayne Lawson
Wayne Lawson, a seasoned educator with nearly two decades of experience, has devoted his life to teaching and has positively impacted numerous students by enabling them to realize their full potential and develop a lifelong love of learning. Wayne's enthusiasm for educational technology has led him to spearhead the integration of cutting-edge tools and methodologies into his teaching methods.
CORPORATE LEARNING SYSTEMS
PRnewswire | May 25, 2023
Tel Aviv University (TAU), Israel's largest and most comprehensive institution of higher learning, and edX, the global online learning platform from 2U, Inc., today announced that TAU is the newest member of the global edX partner network, joining hundreds of top institutions committed to expanding access to the world's best education. TAU also announced the launch of its first offering on the edX platform, a Professional Certificate program titled 'Viruses and How to Beat Them: From Cells to Pandemics.' The program is designed to break down the complex science behind viruses in terms that everyone can understand, without compromising scientific correctness.
The partnership builds on TAU's existing relationship with edX through the school's participation in IsraelX, a national consortium of higher education institutions in Israel offering content on edX.org. In addition to offering the new Professional Certificate program in Viruses, TAU will continue to offer the courses and programs it has already developed including a course on Arab-Islamic History and a Professional Certificate program on Information Security. This content adds to edX's catalog of more than 4,200 online learning experiences developed in partnership with the world's top universities and corporations, from free courses to full degrees.
"This partnership marks an important milestone for Tel Aviv University and reflects our commitment to driving innovation in online learning. By partnering with edX, we have found an organization that shares our mission to provide learners worldwide with flexible, affordable, and high-quality education," said Liat Kishon-Rabin, Dean of Innovation in Teaching and Learning, Tel Aviv University. "Together, Tel Aviv University and edX will drive increased access to highly relevant content in topics that learners today are most interested in, while creating pathways to opportunity for those seeking to advance their careers. This includes topics such as the science behind viruses that cause pandemics, which is critical for ensuring global health and preparedness."
Professional Certificate programs on edX are designed to build and enhance critical professional skills needed to succeed in today's most in-demand fields. They provide learners with a valuable, standalone credential that showcases knowledge and skills.
"With a global reputation for excellence in teaching and research, and a mission to address today's most pressing challenges through innovative, interdisciplinary solutions, Tel Aviv University is a valuable addition to our growing network of institutions committed to creating a world where every learner can transform their ambition into opportunity through high quality educational content," said Andrew Hermalyn, President of Partnerships at 2U, edX's parent company. "These offerings from Tel Aviv University expand our rapidly growing portfolio of cutting-edge educational content from the best institutions worldwide."
edX is the global online learning platform that exists to help learners everywhere unlock their potential. edX was founded by Harvard and MIT in 2012 to make the world's best education available to everyone. Today, as a 2U, Inc. company (Nasdaq: TWOU), edX connects 76 million people worldwide with the skills, knowledge and support to achieve their goals. Together with the world's leading universities and companies, edX offers thousands of free and open courses, professional certificates, boot camps, credit-bearing micro credentials, and undergraduate and graduate degrees.
About Tel Aviv University
Tel Aviv University (TAU) - Israel's largest and most comprehensive institution of higher learning - is home to over 30,000 students studying in nine faculties and over 125 schools and departments across the spectrum of sciences, humanities and the arts.Consistently ranked in the top 20 in the world in terms of scientific citations and among the top 100 universities internationally, Tel Aviv University is also Israel's first choice for students, and its graduates are the most sought after by Israeli companies. Global in outlook and impact, TAU advances teaching and research that break down the walls between disciplines, striving to address the twenty-first century's most pressing challenges through bold, interdisciplinary solutions.