While university students continuously reach new heights of creativity when it comes to earning money or surviving on very limited means, taking care of tuition payment is one area of university costs where students usually prefer to not take chances.
But even those who take care to fill out FASFA forms on time and visit with financial aid advisors religiously still sometimes find themselves in need of some serious monetary contributions.
These students might get a helping hand from a new organization called MyRichUncle (MRU) Holdings, formerly known as Iempower.
"We are an education provider and we want to help students that are looking to attend undergraduate or graduate school but do not have the monetary resources to do so," said Jeremy Weiner, director of Marketing at www.MyRichUncle.com.
MyRichUncle is a publicly held company issuing private loans, which began in 1999 and was founded by Vishal Garg and Raza Khan. The organization helps qualified students cover the cost of college tuition by allowing then a medium through which to borrow money that they will pay back once they graduate and have jobs of their own.
Though this principle sounds like one followed by every other lending company, MyRichUncle claims uniqueness in their evaluation of the whole person through their MRU index.
"The difference is that we look at the bigger picture of the student by asking them questions such (as) where they went to high school and what their future plans are after college; as well as what their income potential will be in the future and this is what the MRU index contains," said Weiner.
"We try to humanize the lending process whereas other lending companies base their judgment solely on a credit score," Weiner added.
The MRU Web site suggests why looking into this particular lending program might be a good idea for students. The site states that over the past decade, tuition costs at public and private institutions has raised an average of 27 percent while the average household income only rose six percent.
Some students said they are already well aware of the financial strain higher education can cause and would welcome any program offering assistance.
"I would do it because right now, I pay for school on my own so getting help from this organization would be great," said Mandy Harkness, a sophomore business student in the school of management. "I don't get squat from FAFSA because they say that my parents make enough to pay for tuition."
According to Weiner, when MyRichUncle lends the money to the student, the student is expected to pay off that amount within a specific period of time after graduation. Other requirements and criteria are outlined during an application process that examines the student's eligibility. Students interested have to be 18 years old or older, must be a citizen and permanently reside in the United States, or on a F1 student visa, which allows foreign students to become educated in the United States. Students are also required to show proof that they have been accepted as an undergraduate or graduate student at a degree-granting school.
Cheryl Thomas, a senior history and psychology major, said she believes anything that can help to alleviate students' financial worries is welcome.
"This program is a great resource because I wanted to go to Boston College but my parents would not be able to afford the cost, especially due to the fact that I am an out-of-state student and would have to pay separate fees as well as the tuition fees because I am not a resident of that state," she said. "I should be able to go to the school of my choice but it costs too much."
According to Weiner, MyRichUncle is a beginning company with a lofty and noble goal.
"Ideally, we would like to fund every student in the United States. We would like to help as many students as possible because we've been there and we know how expensive it can be," said Weiner.
More information regarding this company and its services can be found online at www.MyRichUncle.com and via telephone at (212) 836-4180.
