NEW YORK (MainStreet) -- College students certainly aren’t part of the “1%” that everyone’s talking about these days, and with the amount of student loan debt they carry, they won’t be getting out of the 99% anytime soon.
According to the Project on Student Debt, about 66% of college seniors graduated with student loan debt in 2010, debt that amounted to $25,250 per student, on average.
So any way to mitigate that mountain of debt and avoid all the monthly bank and government loan invoices is a good financial move. One way to do that comes from a venture capital firm called Gen Y Partners, which is on the hunt for some business-savvy student entrepreneurs.
The firm will pay chosen students’ loans for up to three years after graduation and will provide room and board on campus as well. In addition, Gen Y Partners will also spread some seed money around – between $15,000 and $30,000 – just to get those businesses up and running.
According to the company’s website, the firm expects to hand out 100 deals to eligible student start-up owners in the next five years. The firm also expects to roll out entrepreneurial “incubators" on college campuses (including high profile schools like Princeton and Georgetown) in the next two years.