Student Loans - Smart Contract on Blockchain

GelbspanGroup

TheSmartSKOLR IN A NUTSHELL
(Reads: The Smart Scholar)

Did you know that Americans owe over $1.5 trillion in student loan debt, spread out among 44 million borrowers? Each year, this debt grows and more people fall victim of this epidemic, where the average student now graduates with over $35,000 in debt. During the 2016/2017 school year, 22.5 million Americans attended a college/university and 70% of students took out or had existing loans.

Skolar aims to provide a starting solution for this specific population by providing students (borrowers) benefits such as Grants, Interest Rate Point Reductions, and Pre-Paid College with a small twist on it.

Skolr also aims to become the world’s leading decentralized marketplace for student loan transactions and revolutionize loans for students (borrowers) and their respective lenders through the use of Smart Contracts in the blockchain technology. The use of such smart contracts is basically a decentralized (no financial institutional ties) way of connecting borrowers (students) to lenders.

Skolr will become a Student Loan Marketplace with benefits that will attract both borrowers and lenders to be part of this already growing platform.

Skolr will have a direct influence on Skolr Foundation which will ultimately fund all the Grants and extra benefits to current students and anyone with a student loan/student loan debt. Such benefits will not only attract students/borrowers, but lenders as well. How? Cryptocurrency-backed Collateral (i.e Bitcoin, Ethereum, Lumens, etc)

Needless to say, like other strong cryptocurrencies, Skolr will grant it’s token owners massive returns on their initial and continuing investments.

Want to find out exactly How Skolr Works?

Follow link below…

Link to Project: http://www.thesmartskolr.com

Cynthia

Hello! Student loans are certainly a big issue in the US. Great to see efforts to tackle this issue and at the same time bring financial gains to the lenders.

I have a few initial questions:
1. I read on your website that there's no credit check on your borrowers. Is that just for the onboarding/initial step or is there no type of credit check on the borrowers to get your low interest loans?
2. Is there a demo that I can take a look at?
3. > GelbspanGroup Needless to say, like other strong cryptocurrencies, Skolr will grant it’s token owners massive returns on their initial and continuing investments.
Will the SKOLR token be registered securities in the US? With the promise of massive returns on investments for token owners, it certainly sounds like securities - and I see that you've stated in your website that your legal counsel is working on sorting out the legal stuff which is great!! I'm not a lawyer but I've heard that unregistered securities should not be publicly advertised to US buyers and of course cannot be sold to non-accredited investors in the US. Would be interested to hear what your legal counsel would say about this - very useful for the community to learn ?

jaykay

Exciting project and a very innovative solution. I'm looking forward to watching it progress.

GelbspanGroup

Thank you! Any feedback is always welcomed!

GelbspanGroup

Cynthia
Hi Cynthia,

First off, thank you for your feedback and interest. Very much appreciated.

If the borrower knows that they have good credit, they will be able to use it in order to receive lower interest rates on their loan. However, the reason why we put that on the website is because for those who do not have a good credit score, we will have other options. One being, social credit done on the blockchain, which has already been implemented in several other companies. The second option, cryptocurrency-backed collateral. This can be used on top of the credit scores (FICO or Social Credit) or individually, although always recommended to use both.
I am not sure if you had a chance to look through the WhitePaper on how the Collateral will work with these Student Loans. I think that would absolutely clear up any confusion. If not, I'd be more than glad to explain it further!

There is no demo yet, however, we do plan on having one fairly soon. No date yet!

Absolutely, we are working hard on making sure it can be approved as a registered security. Will definitely post about that once we are final!

If you have any more questions or feedback, please don't hesitate to ask or add to you original post.

Cynthia

GelbspanGroup Thank you for your response! I'm familiar with alternative creditworthiness scoring as I'm working on a lending solution for the underserved in developing countries. Are you developing the models yourselves?

Am also familiar with crypto collateral as I suppose it's somewhat of a popular idea and we are doing that as well ? But I see that you are actually going to match the students' collateral if they use your coins. I like the idea of matching collateral! How does your org generate revenue? Am curious about your business model.

That's great that you'll be registering the token as a security. Looking forward to hearing updates on this!