Bobby Matson

w00t! Payitoff raised a $8.5M seed round from @lightspeedvp, @sound_ventures_, @StruckCapital and @SocialLeverage, w/ $11M total raised to date! Thank you to our insanely talented team, investors and supporters for helping us reach this point. Let’s go save borrowers billions!

Someone at @FAFSA needs to reach out to mohela to stop these from going on incorrectly. Seems to be a widespread problem when no one has to certify before march 2024

@WealthKeel likely to be the IDR waiver!

Just when you think you have seen it all in student loans, you see something even crazier. Clients for nearly 3 years now, own their own dental practices, and have student loans. Nothing special here for us to do - no PSLF and long-term forgiveness didn't fit based on income vs. loan balances, the usual stuff. Kept them as federal loans with the COVID pause. The goal was to pay them off after the pause. At our Sept review, we asked all clients with student loans to send us updated NSLDS files to review. Oddly, about $100k was missing from her NSLDS file. She had a letter from her servicer noting, "thank you for your payment." Even at this point, we all assumed an error and something wasn't right. Well, yesterday, she received this email (Pic below). Magically (literally no other explanation), they were forgiven. Never applied for PSLF (business owners), no goals of long-term forgiveness (balance vs. income never worked), and nothing else. Just gone. $100k gone. I am convinced there is a larger scale "forgiveness" occurring behind the scenes. I have some wild student loan stories, but this one currently sits in first place now.

@ConnorLoveCA Major economic shifts! $18 Billion / month slated for student loan accounts - impacts deposit accounts, lending charge-off rates and definitely retail + consumer spending behavior

I bet @bomatson has some insight :)

So what happens next month when 43 million Americans have to pay their federal student loans again?

15 million student loan borrowers spent money they thought wouldn't be paid back. Worse yet — 22 million said they're unprepared for interest payments to resume. Get ready for a tsunami of defaults, here and elsewhere, after October 1st 🫡

@ay_o University loses federal funding if their cohort default rate is 30% for 3 years in a row. It’s checked once / year

@ay_o This kind of exists already - for any uni that takes federal funding, ED examines SL defaults post graduation (called a default cohort rate) and pulls their funding if it’s too high. The issue? Cutoff rate is so unreachable that rarely does a university ever come close to it

🚨Supreme Court strikes down Biden’s student debt relief plan 6-3 decision, along ideological lines, majority opinion by Roberts supremecourt.gov/opinions/22pdf…

Mike is right, the payment restart IS going to be a mess & it's not shocking that borrowers aren't ready. Critics usually point out that student loan borrowers have had 3+ years to prepare for payments to restart. That's true. But...

@RyanDetrick @bespokeinvest 12/ More stress coming for borrowers? Federal student loan payments are currently scheduled to turn back on 60 days after June 30, unless the Supreme Court rules on Joe Biden’s student debt forgiveness plan before then. "The average student loan combined payment is $393 p/m".

@StudentLoanTrav yeah my money is on the 22nd too!

Here’s the 3 dates when we might find out the SCOTUS cancellation decision. What do you think? 🗓️

1/ Want to get smarter on AI? The partners at @lightspeedvp put together this reading list of the blog posts and books we’ve found most compelling over the past few months: medium.com/lightspeed-ven…

It was interesting to learn from @bomatson on how he took his desire to be Student Debt free and turned it into Payitoff, a business that has helped thousands of people get control of their debt. Check uut the full episode on YouTube, Apple Podcasts, go…lnkd.in/gZMtn2Sp

This New Workplace Benefit Could Soon Become Standard hubs.li/Q01Hq2wV0 Written by @bomatson of @payitoffapp

Running a company: 2020: can you survive a pandemic? 2021: still here? we’re going to give all of your competitors $100m series A rounds. 2022: wow, you made it? okay, all engineers cost $600,000/year now. 2023: nice job! okay, we’re going to take away your bank account.

@howardlindzon @elonmusk @Twitter

Late night Friday bidding for Silicon Valley Bank from @elonmusk and @Twitter ...

This is a really bad day for the startup ecosystem. Really hoping my fellow founder friends and their teams are able to reduce any exposure here - such a terrible outcome

This is no bueno

Yikes, from CNBC right now: "SVB financial deposit outflows outpacing sale process"

@sarthakgh Brave 💯

What’s the best new browser you have tried and stuck to after years of Safari / Chrome?