Frank, the fastest-growing financial wellness platform that serves students and front-line workers in the US, has announced the company hit a key milestone of serving over five million US households. This accelerated growth comes after a year of heightened financial need for families during the pandemic. The company added over 1.5 million households with near-zero marketing spend as families turned to Frank for online resources and coaching— engaging almost daily given the lack of in-person advising services.
With “National College Decision Day” taking place on May 1st, the final deadline for high school seniors to commit to a college or university, students were flocking to Frank for help as colleges scrambled to adjust financial aid packages given significant changes in income over the year.
Student debt is of course also taking centre stage in the Biden Administration this month and next as the President awaits a report from Education Secretary, Miguel Cardona on the president’s legal authority to cancel up to $50,000 in student debt per borrower. In addition, the President announced a proposal yesterday to make community colleges free as enrollment rates drop due to the pandemic. In fact, Spring undergraduate enrollment at community colleges fell 5.9% compared to this time last year, the largest drop since the covid-19 pandemic began.
“Frank’s continued growth signals that families are looking for information and solutions to make the right decisions when it comes to student debt,” said Charlie Javice, CEO and founder of Frank. “Frank is proud to be a trusted partner to 5.3 million students, delivering real savings to them along their financial journey.”
With $1.7trillion of student debt outstanding and 78% of students currently not in active repayment status, the problem is massive. Students unfairly saddled with staggering college debt are looking for all the help they can get.
Frank starts to tackle student debt holistically from the very beginning before families take out their loans and decide how much to pay for college. Frank provides students with a streamlined experience to apply for financial aid in minutes, or to enrol in Frank’s exclusive catalogue of affordable online college courses. To date, Frank has helped students access an average of thousands in aid per year, representing billions in tuition savings.
The Company, founded in 2017, serves families from highly diverse backgrounds: 40% are minorities, 68% are women, and 80% are low-medium income.
“Our vision was to build a next-generation financial brand — one that is trusted, female and minority-focused, and fights for the underdog. Crossing five million households is a key milestone and we are proud to stay true to the families we set out to serve,” added Javice.
Frank also provides native experiences to Fortune 500 employers, blue chip financial institutions, colleges, districts, and state governments, enabling their employees, students, and borrowers to gain access to critical skills, financial education, and aid for college.