A startup is aiming to assist Gen Z students with the complexity of applying for student loans (Collaborative Fund)
— “Many adults roll their eyes at an 18 year [old] spending two hours a day on snapchat taking selfies. What we are seeing is that those same 18 year olds might actually be snapping about how stressed they are that their dream college didn’t award them any scholarships or that they don’t have any money to buy books.”
— “The second misconception is that parents are doing all the work. This might be the case for middle to higher income students, but for underserved low-to-middle income students this is just not the case. Our core user is a first generation college student who likely has non-english speaking parents, is fighting for the attention of a college counselor against on average 500 other students, and doesn’t have consistent access to a computer.”
— The biggest misconception of Gen Z about money: “That the financial system, specifically college financing, is currently trustworthy and functioning in their best interest. It is not.”
— “Gen Z will be the most indebted generation ever with the price of higher education increasing 1,000% over the past 30 years and the average student owing $37,000 in debt after graduating college. This is a monumental shift in the core financial identity of the 68 million people that will make up Gen Z. It will be the core factor in driving literally every future financial decision including things like where you work, where you live, how many children you have, and when you plan to retire (if at all).”
— “The modern day wage gap will become the debt gap. Across every race, female college students have a higher debt to income ratios which will only make gender equality worse…Socioeconomic divides will only increase. 30% of college students who take out loans end up dropping out of college. These tend to be students who are low to middle income or first generation college students. This means they both owe money and don’t have the employability prospects that come with a college degree.”
Simplification is the most underrated trait in business. (Collaborative Fund)
— “Make intimidating things painless…make boring things exciting…make complicated things simple,” etc.
Five reasons it is so hard to think like a scientist (BPS Research Digest)
— We tend to be swayed more by an anecdote from a single person than an objective study that includes outcomes from many people.
— How much we believe we understand the subject matter is inflated compared to how much we truly know.
— Our prior beliefs on a topic sway our judgment when new evidence is brought to our attention.