Crowdfunders cheer on new graduates

Upstart logoSure, we all believe that youth must be served, but are you willing to invest in their future — literally?

Crowdfunding platform Upstart, which launched in October, lets recent college graduates raise cash from online backers, who in return get a slice of their income for the next 10 years.

The money is meant to help young people pay down their debt or bankroll an otherwise out-of-reach dream, such as launching a business or developing an artist portfolio. It’s also designed to score investors a 6 to 8 percent annual return, according to founder David Girouard, the former head of enterprise at Google.Upstart offerings

Using information such as grades and standardized test scores, Upstart calculates the amount of money a person can raise on the site for every 1 percent of his income offered — the sweet spot is somewhere between 3 and 4 percent, says Girouard, with typical loan amounts ranging from $20,000 to $30,000. Returns are capped at 15 percent.

Read More at NYPost

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