Welcome to Piecewise

Madeleine Barr

Paying for college is one of the greatest financial challenges faced by American individuals and families: in the past 30 years, the cost of college has more than doubled, increasing by 213%. The resulting surge in student loan borrowing means that many graduates spend decades paying for their education: the average borrower is expected to spend 22 years paying down their loans. Terms are complicated, and regulation is arcane and outdated. Borrowers have federally protected rights, but different schools and servicers offer varying levels of support for students to access them. Default has become a widespread outcome for student loan borrowers— 7 out out of 10 students borrow student loans to finance their education, and 2 will eventually default. Nationally, over 1 million borrowers default every year. 


Piecewise is leveling the playing field by helping every borrower find their best repayment path, overcome debt, and avoid default. We work alongside students and schools to reduce delinquency and default levels and increase accountability in the student debt industry.


If you’re a borrower, a financial aid employee, or anyone interested in learning about student debt, we can help. Continue reading to find out how Piecewise is tackling the student debt crisis. 


What is Piecewise?


Piecewise is a student debt payment platform that student loan borrowers and universities use to overcome student debt and lower default rates. We believe that every student debt borrower is entitled to a student debt repayment plan that matches their financial situation, whether that means switching to a plan that changes with their income or paying ahead to avoid interest accrual. We want every student to save as much as possible on their loans. Students can use our product for everything from completing federal exit counseling to targeting a repayment strategy. As student debt borrowers ourselves, we understand your experience, and we’re here for you. 


What is default?


You default on your student loans if you have not made any payments towards your loans for 9 months, and you have not communicated anything to your student loan servicer. Defaulting has many negative consequences, ranging from a hit to your credit score, lower eligibility for future loans, and even the government taking part of your wages or tax return.


Every year, approximately 1 million people default on their student loans. By 2023, an estimated 40% of borrowers are projected to default on their student loans. This is not a sustainable rate, and we want to do something about it.



Why focus on default? 


$1.6 trillion in outstanding student debt is a huge problem-- it delays other financial milestones for borrowers, like buying homes, which has effects across the entire economy. It prevents individuals from starting businesses because they don’t have enough liquidity to take risks. It prevents young people from saving for retirement. In many ways, my own loans made me question whether starting a company was worth the risk, when logic would have had me take a job with a stable salary.


While many borrowers are starting to adapt to the sustained reality that 15-20% of them will default on their loans every year, we believe that it doesn’t have to be this way. We believe that everybody should be able to access credit and receive their full paycheck, and that the looming default problem should be addressed before it reaches that point of extremity. Through education and sustained support, Piecewise aims to give every borrower a fair shot at overcoming debt, avoiding default, and living a sustainable financial life.




Our mission and how we can help you


Everyone should have control over their student debt. To deliver on this promise, we’re completely free for student debt borrowers. From graduation to payoff, we’re by your side to help at every decision point. Sign up for our waitlist here to be among the first borrowers to access our free debt repayment platform. 


If you work at a school and care about solving the student debt crisis through supporting your students, get in touch here. We can get Piecewise up and running in an hour. 


Stay tuned for more, and never hesitate to reach out to support@piecewise.co with questions about your debt.

Company
Welcome to Piecewise
November 26, 2019