Teacher’s pet RightCapital unveils student loan functionality
Back to school season is getting started a little early at RightCapital. The firm’s platform will now enable advisors to see the impact of different student loan repayment strategies on their client’s finances. This is designed to both provide clients with a more holistic view of their finances, as well as to help them choose the most appropriate way to retire the debt, reports David Penn at Finovate.
The solution helps advisors and clients to work together to determine the best way to repay student loans by leveraging insights into the client’s income, loan timing, and options for loan consolidation. Repayment options ranging from IBR, PAYE, Repay, and Public Service Loan Forgiveness are among those included.
RightCapital CEO and co-founder Shuang Chen says more than 44 million Americans owe close to $1.5 trillion in student loan debt, Unsurprisingly, it wants to profit from this market.
The company provides financial advisors with a financial and tax planning solution including tax projections and tax-efficient distribution strategies.
The technology features tools for social security, sequencing of return risk, stress testing, budgeting, managing cash flows, and insurance.
Founded in 2014 and headquartered in New York City, RightCapital has raised $2.6 million in funding, and includes Camellia Venture Capital among its investors.
The company had a busy 2017, forging partnerships with Shareholders Service Group in December, Envestnet Tamarac in November, Trust Company of America in July, and Interactive Brokers in March.
