Bobby Matson

Founder @payitoffapp 😬 I rant about student loan insanity

[Bobby Matson @bomatson]

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!

[Payitoff @payitoffapp]

Today, we’re excited to announce that we’ve raised a $8.5 million seed round led by @lightspeedvp, with participation from @sound_ventures_, @StruckCapital and @SocialLeverage, putting our total raised to date at $11M!

Read more from our CEO below 👇

https://t.co/PXqZBLuuAH

[Travis Hornsby, CFA, CFP® @StudentLoanTrav]

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

[Bobby Matson @bomatson]

@WealthKeel likely to be the IDR waiver!

[Bobby Matson @bomatson]

@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

[Joe Consorti @JoeConsorti]

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 🫡

[Bobby Matson @bomatson]

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

[Bobby Matson @bomatson]

@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

[Michael Stratford @mstratford]

🚨Supreme Court strikes down Biden’s student debt relief plan

6-3 decision, along ideological lines, majority opinion by Roberts

https://t.co/JfMZm7qOTb

[Anna Helhoski @AnnaHelhoski]

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...

[Koyfin @KoyfinCharts]

@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".

[Bobby Matson @bomatson]

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

[Michael Mignano @mignano]

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:

https://t.co/Esieyejdq3

[Tedd Huff @TeddHuff]

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…https://t.co/bQ5xpmd2Xr

[Forbes Finance Council @ForbesFinanceCl]

This New Workplace Benefit Could Soon Become Standard https://t.co/Y7P8Lh5Eoh Written by @bomatson of @payitoffapp

[Chris Bakke @ChrisJBakke]

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.

[Bobby Matson @bomatson]

@howardlindzon @elonmusk @Twitter

[Bobby Matson @bomatson]

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

[Genevieve Roch-Decter, CFA @GRDecter]

1. Only 2.7% of SVB deposits are less than $250,000.

Meaning, 97.3% aren't FDIC insured.

[Bobby Matson @bomatson]

This is no bueno

[Bobby Matson @bomatson]

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

[Bobby Matson @bomatson]

@sarthakgh Brave 💯