Clasp is a financial technology platform that utilizes income share agreements to provide an alternative to traditional student loans, enabling employers to assist in repaying student debt for their future hires. This approach addresses the critical talent shortages in essential fields by enhancing student access to education and improving retention rates in the workforce.
Funding
Funding not disclosed
Founders
Product
Problem
Many graduates in essential fields face significant student loan debt, creating a financial burden that can hinder their career choices and contribute to talent shortages in critical industries. Traditional student loan repayment options often fail to align with the needs of both graduates and employers, leading to recruitment and retention challenges.
Solution
Clasp, now known as Stride Funding, offers a platform that connects students with employers willing to co-invest in their education through student loan repayment assistance. This approach helps employers attract and retain talent in high-demand fields by alleviating the financial strain of student debt. Students benefit from reduced debt burdens and increased career opportunities, while employers gain access to a broader, more sustainable pipeline of qualified candidates. The platform facilitates direct contributions from employers towards student loan repayment, creating a mutually beneficial relationship that addresses talent shortages and promotes financial well-being.
Target Audience
The primary target audience includes employers in industries facing talent shortages, such as healthcare, technology, and skilled trades, as well as students pursuing education in these fields.
Features
- Employer-sponsored student loan repayment programs tailored to specific industries and roles
- Platform for connecting students with employers offering loan repayment assistance
- Streamlined process for employers to contribute directly to student loan repayment
- Tools for tracking and managing student loan repayment contributions
- Reporting and analytics to measure the impact of loan repayment programs on recruitment and retention
- Integration with existing HR and payroll systems for seamless administration