After months of hard work, sweat, and tears (well not really but definitely work and sweat), launch the Defynance private beta launch of its Income Share Agreement (ISA) student loan refinancing product is ready. During the private beta, Defynance will refinance selected candidates who have expressed a desire to be early adopters. They will provide feedback to help improve the Defynance process and ISA product.
The initial private beta candidates, who are approved for financing, will have their student loans paid off, making them debt free. In return, Defynance will offer them different options to share a small percent of their income for a set period of time. For complete peace of mind, during the payment term, they will not have to make income share payments if they lose their job or their income falls below a minimum threshold. During this deferment period, unlike with a loan, no interest will accumulate and the balance will not increase. The Defynance product does not put people in debt, it frees them to fully realize their potential.
When is the Defynance Private Beta Launch?
We are excited to announce that the Defynance private beta launch will be on March 15, 2019. On this date, potential student loan refinance candidates will be able to fill out their application and complete the first steps towards becoming a part of this exciting new experience. For those who cannot wait, feel free to fill the application out now. We just won't be able to process it until March 15.
Defynance is looking to fund a handful of people during the private beta that should last until summer, 2019. Next we will launch the public beta of the Defynance ISA marketplace to connect refinance candidates with funding sources. Even during the private beta, those individuals and institutions interested in investing in ISAs should contact Defynance by completing the investor interest form.
Who is eligible for the program?
Anyone who has a college degree and is currently working is eligible for the Defynance ISA program. However, we will carefully evaluate applicants and begin the funding process 4 to 6 weeks after private beta launch.
It's time to find better solutions for the more that 45 million people who have student loan debt today. That debt is now over $1.5 trillion, which is the second largest consumer debt in the United States. Many people are talking about this problem but Defynance is ready to tackle it. The problem is massive so get involved and help us solve it.
Stay tuned to the Defynance blog as we will continue to update you with progress and developments. We will also update you with relevant content about the student loan crisis and how to navigate it.
