Students Flourish
Social Venture Plan, NPLD 510
Danielle Bicknell
Danielle Bicknell
NPLD 510
Social Venture Plan
Executive Summary:
Social mission statement:
In the United States credit scores are the only way borrowers are able to take out a loan in
order to invest in their future, like a high quality college education. Lenders use a traditional
credit score, called a FICO score to judge a borrowers risk. Students do not have a credit score
since they are young and therefore lenders will not give them a loan. Therefore, funding options
for students and therefore credit scores are broken for students. Students Flourish (SF) is an
innovative new company that will financially empower students by giving them a credit score
that captures their online behavior. Students flourish will equip students with a new type of credit
score and financial education so that they can responsibly build their credit while in school
which will give them more economic mobility after they graduate and become contributing
consumers.
Need for innovation:
In the next school year, around 20 million students will enroll in post-secondary
education. 75% of students get in to their first choice college.1 Unfortunately, more and more
students are not attending their first choice school and this is largely due to cost. Traditional
lending options for students often penalize students and put them into debt, therefore ruining
their credit before they have a chance to build it. In order for students to get the highest return on
their education, they need a credit score that accurately captures their risk and allows banks to
use that information to make better lending decisions—thus expanding their loan products to a
larger customer base.
Social problem that needs to be addressed:
The cost of attending post-secondary school is a major obstacle for youth in America.
Regardless of achievement, the burden of paying for college prevents many students from going
to school. Many students that are just starting to build their credit do not have the same options
for loans as those who have a credit score. Plus, federal student loan options are inadequate and
might disenfranchise high achieving students. Federal student loans do not segment customers;
their loans are based on an equity model that gives everyone the same rate. Private student loans
have complicated fees and are tied to a credit score and most students are not able to use their
credit score to their advantage. The question must be asked, are the most deserving students
getting the best deal to fund their education?
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Danielle Bicknell
NPLD 510
Social Venture Plan
Market Analysis/ Market Strategy
Market Analysis:
Postsecondary education in the United States includes academic, career and technical,
and continuing professional education programs after high school. American colleges,
universities, technical and vocational institutions offer a diverse array of postsecondary
education experiences. Participation in postsecondary education in the U.S has expanded over
the last decade, as well as the total financing for this growing sector of the U.S economy. 2
Students are increasingly relying on loans to funding their education. Between October 2000 and
October 2009, the total outstanding amount of student loans owned by the federal government, in
constant 2011 dollars, remained between approximately $100 and $150 billion.3 A combination
of the federal student loan policy change and a growing demand for student loans resulted in a
balance of over $500 billion by October of 2012.4 In addition to loans originated by the federal
government, students can obtain private student loans from private financial institutions like
banks, nonprofit lenders, and certain schools that elect to fund or guarantee loans. Student loan
debt is the only form of consumer debt that has grown since the peak of consumer debt in 2008,
and balances of student loans have eclipsed both auto loans and credit cards, making student loan
debt the largest form of consumer debt.5
Market size:
In fall 2014, some 21 million students were enrolled to attend American colleges and
universities, constituting an increase of about 5.7 million since fall 2000.6 76% of freshman got
accepted into their No. 1 college.7
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Danielle Bicknell
NPLD 510
Social Venture Plan
Problem
Size
•Students have thin
or no credit,
cannot receive
competitive loans,
or adequete
financial aid from
schools
•20 million
students expecting
to attend US
colleges in fall
2015
Consequences
•Students receive
inadequate
financial
assistance
•Current fed. loan
structure gives all
students same rate
•Students receieve
negative return on
education due to
debt accumulated
Current and Projected Market Share:
Currently, a quarter of the 21 million students who will enroll in college in the next fall is
need of some kind of additional funding in order to offset the costs of tuition and living
expenses. That is 5,250,000 students that could benefit from Students Flourish.
Target Market:
Initial stage, learning period: Our target market will first be to entice college students to
create a profile and link their accounts. We will do this to capture their data. From there, we will
use the data to create our credit score criteria. This learning period will take time, about four
years, which is the industry average, to build an algorithm that incorporates new metrics like
online behavior.
Second stage: Once we have a credit score model in place, our target market will be
incoming college freshmen. We will partner with banks and other lending companies that share
our mission to empower students and help the most promising students receive the most
competitive interest rates on their loans.
Competitive Analysis
Customer Need:
This year, fewer incoming students received grants or scholarships (69.5%) versus 73.4%
in 2010. Only 26.8% received $10,000 or more in scholarships versus 29.2% in 2010.8
More than 28% said they frequently felt overwhelmed by all they had to do and cited financial
stress as a leading cause to their burden.9
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Danielle Bicknell
NPLD 510
Social Venture Plan
Business Need:
In order to improve and innovate, the lending and banking sector is turning to big data.
All the major banks work out how best to bring new unstructured data sets (such as social data
and mobile data) along with transactional data in order to improve customer and client
experience and become more competitive and increase growth.10
FICO Score:
Lenders use the FICO score to determine who to lend to and at what rate. The FICO
criteria negatively impacts students who have no established credit history. Lenders (Private,
Federal and Financial Aid) need new data about students to segment the best potential student
customers. Big data takes into account new metrics for behavior that is being used by other
companies to assess risk (like Lenddo). In 2012, Philippine startup Lenddo became a loan
company known for developing an algorithm that determines people’s credit worthiness based on
their social media presence.11 They recognized a huge percentage of the middle-income market
was not able to borrow from banks, and banks would not offer them loan products. This was
because these individuals have no banking history on which to base how faithful they’d be in
fulfilling their obligations. Creating a new credit score for students would help compete in the
market, where FICO currently has 100% market share.
Source: Fair Issac Corporation (2013)
Risk Assessment
Students Flourish did a risk assessment to understand where students are and where they
want to be. Key factors in determining need is understating why students are not able to attend
the college of their choice and the current funding options available to students.
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Danielle Bicknell
NPLD 510
Social Venture Plan
Students cannot attend their first choice school due to cost:
Students and families who are hoping to pay less than the full tuition price will not know
what they will actually have to pay to attend any of the schools to which they apply until after
they are accepted and receive their financial aid packages.12 The average tuition discount rate
exceeds 45% at private colleges and universities, the net price students have to pay is hard to
predict.13 Students receive vastly different aid packages from the schools they applied to, which
depend on the criteria the schools use to make their financial aid awards.
There is a small group of highly selective colleges that award aid based only on financial
need but their assessment of financial need varies depending on how they do the analysis and
how desirable the student is to that school and that school’s policy on providing grant aid vs.
self-help, like loans and work-study.
Federal Student Loans
The Federal government provides accepted incoming college students with a variety of
subsidized and un-subsidized loans. These loans often require a parent to be a co-signer, and if
the parent is an immigrant, and therefore does not have a credit score, this could impact the
student’s ability to receive loans. In addition, the federal loan model is based on equity; therefore
they offer everyone the same interest rate and fees. They do not segment students based on
financial need or based on the school they decide to attend.
Private Loans:
Private lenders are another option for students who cannot receive enough funding from
financial aid or government student loans. The main lenders in this category include, Sallie May,
Wells Fargo, Discover, Chase and Citi-Bank. These loans come with complicated terms and
several reports claim that they are predatory. The media recently reported complaints about
private lenders making money off of students desperation. Students were quoted saying, “They
are Satan!” and “I wouldn’t wish them (private lenders) on my worst enemy.”14
In addition, private lenders come with a particularly annoying set of issues that can
seriously hinder a borrower’s ability to repay his or her debt.
Top issues reported:15
1. Putting extra towards the principal, not the next month’s payment.
2. Correctly timing payment processing (no same day processing).
3. Getting lost in the shuffle (bad customer servicing issues).
4. Receiving the incorrect payoff balance.
5. Modifying the terms of an existing loan.
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Danielle Bicknell
NPLD 510
Social Venture Plan
Students are forced to settle for inadequate loans that put them into debt before they are able
to build their credit.
Source: Studentdebtcrisis.org
What do students need?
 New credit score that more accurately captures their credit worthiness
 Credit score that takes new metrics into account to determine score
 Segments the best students and finds them the most competitive loans
 Economically empower students so they can add a higher return to their community
Competitive Analysis: Ripe for innovation and Collaboration
Competitive Analysis: Companies addressing innovation in financial services
Lenddo: The Company developed an algorithm that pulls and analyzes data from people’s social
media accounts – who their friends are, how often they interact, their activity – and puts the
information into a rating or score. This score helps determine if a borrower is likely to pay back
or default on their loans.16 Lenddo is not currently offered in the US and only targets middleincome borrowers. Collaborating with them to assess what metrics we should consider in our
algorithm would be beneficial for Students Flourish.
Lending Club: Lending Club demonstrated that there is an ability to make money lending
without the traditional infrastructure of a bank or just the scores maintained by credit bureaus.
Their peer-to-peer lending model offers loans to a segment of the market that cannot get
approved for traditional loan products. Although the company has been successful, they have not
opened up their market to students. Lending Club would be a key partner to have on the board or
to collaborate with so they could use our algorithm to expand their products to students.
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Danielle Bicknell
NPLD 510
Social Venture Plan
Upstart: P2P Platform for young borrowers. They have created a platform that brings together
high-quality borrowers and investors who can choose to invest in those loans. Borrowers can get
lower interest rates and investors can get an attractive yield, relative to other investment
opportunities.17 Although the loans are anonymous, the investor can see a lot of information
about the borrower—credit score, monthly income, existing debt obligations, schools attended,
test scores, and more. In addition to all the information you’d see on a more traditional lending
website, you get insight into the borrower’s education, which is critical to understanding his or
her employability. This would be a key partnership to establish. Upstart does allow investors to
look at different borrower criteria, but to save time and allow investors to make better lending
decisions, it would be helpful to integrate the Students Flourish credit score into their lending
criteria.
Competitive Analysis Matrix
Company:
Lenddo
Lending Club
Upstart
Students Flourish
Trait: New credit
score
Yes (but n/a in US)
No
No
Yes
Markets to students
No
No
Yes
Yes
Uses online consumer
behavior to assess risk
Yes
Yes
Yes
Yes
Product/Service: Students Flourish (SF)
Mission Statement:
Student lending is broken for millions of students in the United
States and we at Students Flourish, are here to solve that problem. At
Students Flourish, we use a new credit score to create the highest
return on educational investments and encourage students to achieve
their academic dreams without financial stress or obstacles. We
believe that every student has a right to education and cost should not
be an inhibiting factor. We want to create a high return on community
by empowering students to attend their top-choice schools and use
their advanced degrees to help revitalize the economy. We will
rejuvenate the American economy, get students out of debt faster, and
therefore increase their disposable income faster than being in
traditional student debt.
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Danielle Bicknell
NPLD 510
Social Venture Plan
Features
Students Flourish is a new credit score that empowers students and lenders
Why it works
• Transparency
• Big data captures
students behavior
• Students voluntarily
buy in
• Lenders lend to best
customers
How it operates
• Algorithm that captures
students credit risk
• Empowers most
promising students to
get the most
competitive loan
products
What success
looks like
• Students get score that
lenders can use to make
better lending decisions
• Lenders can expand
services to serve a
larger market
How Students Flourish Works:
1. Download Students Flourish application: This can be done on a smart phone, computer
or tablet. The company operates entirely online; therefore students can sign up and access
their account 24/7.
2. Connect to your networks: Once a student downloads the application, they will
voluntarily link their social media and other online accounts. All of this information will
be encrypted through account creation and therefore be password protected—minimizing
risk to external hackers. We will not sell our information to third parties who are not
directly involved with the social mission of Students Flourish. Accounts that we will
recommend a student links, includes, but is not limited to:
 Facebook*
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Danielle Bicknell
NPLD 510
Social Venture Plan








Twitter*
LinkedIn*
Online Bank Account*
School records (if available online)*
Accepted school information (if available online)
FAFSA (student financial information)
Cellphone usage
Student feedback that they would like us to consider to integrate in our model
*Criteria already used by other start-up financial service companies to assess credit worthiness.
See Lenddo, Lending Club
3. Complete profile: Once a student links their accounts, they will complete their profile.
This will include questions and the option to provide a biography that includes student
qualities that we might want to factor into the credit score as we learn more about our
student users. We will also include spaces for the student to be creative. They will be
allowed to send SF feedback so we can continually iterate on how to build a better, more
robust credit score. We will empower students through creating a profile and they have
the ability to help us build a better credit score, which helps them receive better loan
products. This is a win-win situation for students and for our company.
New Credit Score:
The our platform will gather information about all the products and services a customer
interacts with online to help score the credit risk of students. It will lump customers into
segments and then provide a "what-if-analysis" that lets the lender identify product, price modelfits, and revenue/profitability impacts for new product that they could offer a student. It will
further incorporate payment behavior from bank accounts, and look at holistic characteristics of
borrower (like grades, work experience, personal finance behavior).
We will use metrics from scraping the API’s of LinkedIn, Twitter, Facebook, and their
bank accounts to analyze online student behavior. Then we incorporate factors like schools they
were accepted into and the financial aid packages they received, or information from their
FAFSA. We will combine this data to build a credit score algorithm and over a 4-year period
study the effects of the model. As new information arises, we will iterate on our model and use
elements of design thinking to find new metrics that can be added to the model to give the right
students a higher score.
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Danielle Bicknell
NPLD 510
Social Venture Plan
Benefits: Cross-Sector Win-Win-Win
Students: Students become financially empowered through a credit score that works to help
them achieve their academic dreams without the burden and stress of money issues getting in the
way of their education.
Businesses: Lenders, like banks and other innovative financial service companies can target
students with our credit score and expand their products and services to better fit their needs. In
addition, when they buy the credit score, they have more data to assess student behavior and
innovate their current products.
Schools: Schools can benefit from higher student retention. When students feel more financially
empowered, they will perform better in school and not drop out due to stress or financial
concerns.
Government: Student lending reform has been a topic of concern for the government, although
it has not been addressed. Senator Elizabeth Warren (Senator, Massachusetts) has called on
banks and the government to reform student lending.18 With the Students Flourish credit score,
this is a tool the government and private sector can use to reform student lending and decrease
student debt, therefor revitalizing the economy.
Funding Sources/Financials
Incorporating Business Type: Although we will try to hold off as long as we can to
incorporate, we will most likely incorporate as a For-Profit Company with a social mission. SF
sees key advantages to this approach.
Advantages:
• Product/service triggers social change through transparency, and offering a high-impact
low cost service to help students get the best financial products
• Easy to collaborate and partner with banks, businesses, and government
• Easier to scale
• Attracts high-quality investors and employees
Business Model:
• Incorporate as a B-corporation19
• Show commitment by meeting comprehensive and transparent social and
environmental standards
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Danielle Bicknell
NPLD 510
Social Venture Plan
•
•
•
Institutionalize stakeholder interests
Build collective voice through the power of the brand
Open 24/7: Online service and account allows convenience for students
Funding Sources
Students Flourish will have medium reliability and high autonomy in terms of
organizational structure.20 It will most likely receive its funds from the fees from the service,
which will be selling the credit score to lending institutions in exchange for data. In terms of
investment, I would entertain government contracts, like social impact bonds and individual and
corporate contributions, either from investors or banks that might want to partner.
Additional funding sources include but are not limited to:
Advertising: SF we will have a large user base of students, financial service companies and
products that cater to students could advertise on the website.
Investors: SF will need a lot of capital to establish itself as a financial services company, I will
most likely need to attract impact investors, angel investors and consider other traditional
investors like Google Ventures and Andreessen-Horowitz.
Foundation Grant: I would in part be an advocacy organization as well as a start-up, and
hopefully pool the resources of the community I am based in, so this seems like it would be a
good option to explore.
Banks: Since banks make most of their money off of fees, there is potential to partner with them
in order to receive initial funding. The Consumer Financial Protection Bureau (CFPB) has fined
many banks for illegal loan practices, and many banks have had to discontinue certain services
due to new financial regulations. By partnering with my organization, which will be a social
impact with a social mission, they could reconsider these products and receive good publicity for
doing something that will benefit others and make them money as well.
Revenue Channels:
Banks/Lending institutions: buy score/customer data
Partnerships: Mutually beneficial partnerships with like-minded financial service companies
Advertising: Credit card companies, colleges and financial service companies can advertise on
the website.
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Danielle Bicknell
NPLD 510
Social Venture Plan
Big Data is a lucrative industry to go into. There is tremendous growth “big data” is expected to
experience in the near future. The “big data” market is expected to cross $50 billion by 2017.21
Source: Wikibon (2014)
Location and Operations
Location: Students Flourish is an innovative financial services company that will benefit from
locating its initial headquarters near other like-minded companies. Since San Francisco and
Silicon Valley currently houses the majority of these companies and the investors that fund them,
it would be beneficial to be located in the Bay Area. HUB is a collaborative workspace that
allows budding businesses to rent space and brings people and companies together to host events
that allow businesses to scale effectively. They are located near the Financial District in San
Francisco, and close to public transportation that would enable employees, investors and
collaborators from Silicon Valley and the Bay Area to easily travel to our office.
Rent Estimate: $375/month. Includes: Dedicated office space, reduced rate for conference/event
space, dedicated mailbox and150 printed pages/month22
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Danielle Bicknell
NPLD 510
Social Venture Plan
Technology:
Algorithm Design: One of the most important aspects of algorithm design is creating an
algorithm that has an efficient run time. There are key steps to approaching algorithm design
type:23
1. Problem definition
2. Development of a model
3. Specification of Algorithm
4. Designing an Algorithm
5. Checking the correctness of Algorithm
6. Analysis of Algorithm
7. Implementation of Algorithm
8. Program testing
9. Documentation Preparation
One option for design: Minimum Spanning Tree
Key Assumptions
Students Flourish requires an applicant to become a students flourish member, link to
their profiles from sites like Twitter and Facebook, and get a reference from another member.
This works on the assumption that social media and other online behavior are reputable and the
student can see the benefit of providing it.
Differentiating Criteria
Internal Criteria:
● Organizational mission: By wielding the tools of transparency and trust, Students
Flourish provides incoming undergraduate and graduate students with financial services
and uses a new credit model that bases eligibility on factors that customers with a thin or
no credit history can benefit from. We will disrupt the broken student lending system so
that every student has the ability to attend their first choice college without financial
obstacles that could inhibit their academic performance, thus giving students a high
return on their educational investment and generating a high return on the community
where the next generation of leaders will serve. We segment the best customers and with
a new credit score, a better loan, and flexible and clear terms and conditions, helps them
attend their first choice college without financial stress or impediments.
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Danielle Bicknell
NPLD 510
Social Venture Plan
● Primary product or service: Determine student eligibility based on new metrics that help
lenders make better decisions about lending money to students, with metrics that are
relevant for young consumers with little or no credit history.
● Product or service delivery: (bundling, distribution channel)
○ Bundling: Using a new credit score to determine best customers, and provide a
low, fixed interest loan that is more competitive than other private or government
lenders.
○ Distribution channel: Work with students to spread the word (word of mouth).
Target universities and partner with them to spread the message of the company.
Use social media to reach out and create awareness. Use government resources
and team up with politicians (like Senator Elizabeth Warren) to advocate for
student lending reform.
● Price or cost: $5 verification fee to run an innovative credit check and determine
eligibility (non-eligible customers can ask for refund upon request). No origination fee
for applying, fixed interest rate, ability to pay-as-you-go and flexible repayment options
after school is over.
● Target customer: Students who get into their first choice college, demonstrate
trustworthiness and have financial issues that inhibit them from attending school.
● Organizational type: Private enterprise with a social mission. Students Flourish is a direct
lender, which means we will not sell your information to third parties and all personal
information will be encrypted and easy to access through online account creation.
● Key assets: New innovative credit score that segments the best student borrowers,
transparent loan that has a fixed interest rate. Collaborate with other companies to build
more robust credit score and use intelligence to scale with other companies.
● Growth potential: Growth and customer retention is promising, but acquiring a customer
base will be the first major challenge.
External Criteria:
● Geography: United States
● Access to limited resources (key partnerships):
○ Partnership with nonprofits that focus on student debt
consolidation, credit building and financial education
○ Partnership with government to bring awareness about student debt
reform, and also apply for social impact bonds through a government/private
partnership
○ Partner with schools and their financial aid offices to advertise and
get feedback from customers to iterate the product depending on the schools
tuition, fee structure and financial aid
● Reputation: Through partnerships and marketing channel, our mission and products will
speak highly of the mission we enact
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Danielle Bicknell
NPLD 510
Social Venture Plan
Marketing:
In the first phase, we will mainly focus on online marketing strategies. In order to bootstrap
our service while we build it, we will utilize free and low cost marketing services like:
 Register SF with Google Places and Bing in order to increase search results
 Embrace social media to gain exposure. Creating SF accounts to spread the message and
attract customers.
 Start a blog: Detailing our mission and our progress. We will advertise this blog on our
social media pages to gain followers.
 Use multimedia on YouTube and Tumblr: We can make informational videos about what
we do, our social mission and a call to action for others to get involved.
 Use SEO (search engine optimization) to make sure the website is primed for
performance on search engines.
 Engage with the press: Write press releases to help generate publicity
 Arrange speaking opportunities with schools and organizations.
Organization and Management:
Organization
Timeline: Steps for scalability and growth
1.Preparation for launch
2. Establish Start-up
3. Retention and growth
4. Sustainable revenue model
4. Track/ manage continued growth
5. Scale nationally
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Danielle Bicknell
NPLD 510
Social Venture Plan
Phase 1: Establishment
I am currently searching for a Co-founder that shares the same vision as me and has
complimentary strengths so that we can effectively build and scale Students Flourish.
Management
Key First Hires:
 CEO: Danielle Bicknell
 CTO: Co-founder position
 Data Scientist: Co-founder position
Phase 2: Establish Start-Up. Key Next phase hires include, but are not limited to:
 COO/ Head of Operations: To oversee management and hiring
 Head of Marketing: To optimize the website and gain users
 Social Innovation Officer: To ensure the social mission is aligned with the business goals
 Customer Service: To oversee quality assurance of users and deal with any issues they
may have using the service. Report website issues to engineers to fix.
 CFO: To manage financials internally and externally
 Frontend/Backend Engineers: To build and maintain the function of the website
Board Members: Potential members to reach out to
o Business: Jeff Stewart Lenddo CEO and Dave Girouard Upstart Founder.
o Nonprofit: Robert Cordray, Head of the Consumer Financial Protection Bureau
o Government: Senator Elizabeth Warren (Massehusetts)
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Danielle Bicknell
NPLD 510
Social Venture Plan
Appendix 1: Logic Model: Students Flourish
Inputs
Activities
Outputs
Outcomes
Impact
•
•
•
•
•
•
Staff/Employees
Investors (funding)
Algorithm for new credit score
SF website with student databse
Student Data
Student customers
•
•
•
•
•
Marketing/ outreach to students, schools and lenders
Encourage students to complete SF profile online
Provide students with credit score
Provide banks with credit score
Maintain website
• Students receive new credit score
• Banks receive new credit score and offer certain students lower interest
loans
•
•
•
•
Increase of students receive more competitive options for loans
Decrease in student debt
Increase in banks ability to expand services to students
Increase in awareness about student borrowing behavior
• Students are finanically empowered to
attend college without financial burderns
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Danielle Bicknell
NPLD 510
Social Venture Plan
Appendix 2: SWOT Analysis: Students Flourish
Strengths
Weaknesses
• Students get better loans
• Banks can expand lending to larger
customer base
• Students have less debt
• Students can afford to go to first
choice college
• Students have more options for
college funding
• Banks have more accurate data
about student creditworthiness
• Needs government/business
recognition to hold weight in the
industry
• Hard to market without buy in from
stakeholders
• Needs large user base to work
• Needs time (3+ years) to test and
reports results to iterate on
algorithim
• Major competitor (FICO) has 100%
of market share and has been
established for ~20 years
Opportunities
Threats
• Can partner with banks to strengthen
reach and message
• Can collaborate with other
innovative fin. tech. companies
• Lots of opportunity for press
(innovative financial services is hot
topic)
• Word of mouth marketing potential
• Collaborate/partner with colleges
• No users, no ability to build/operate
Students Flourish (SF)
• Government could inhibit
performance
• Businesses could back out and
weaken the brand
• SF could measure the wrong metrics
and put students in a worse position
• Poor collaboration with other
companies could threaten SF
• No business recognizes score and
company fails
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Danielle Bicknell
NPLD 510
Social Venture Plan
References
1
Lapovsky, Lucie. "Many Students Can't Afford Their First Choice College." Forbes. April 3,
2014. Accessed May 1, 2015. http://www.forbes.com/sites/lucielapovsky/2014/04/03/manystudents-cant-afford-their-first-choice-college/.
2
"Financing Postsecondary Education in the United States." National Center for Education
Statistics. May 1, 2013. Accessed May 1, 2015.
http://nces.ed.gov/programs/coe/indicator_tua.asp.
3 Ibid.
4
Ibid.
5
"QUARTERLY REPORT ON HOUSEHOLD DEBT AND CREDIT." Federal Reserve Bank of
New York. November 1, 2012. Accessed May 1, 2015.
http://www.newyorkfed.org/research/national_economy/householdcredit/DistrictReport_Q32012
.pdf.
6
"Fast Facts: Back to School Statistics." National Center for Education Statistics. August, 2014.
Accessed May 1, 2015. http://nces.ed.gov/fastfacts/display.asp?id=372.
7
O'Shaughnessy, Lynn. "20 Facts You Didn't Know about College Freshmen." CBSNews.
February 7, 2012. Accessed May 1, 2015. http://www.cbsnews.com/news/20-facts-you-didntknow-about-college-freshmen/.
8
Ibid.
9
Ibid.
10
http://www.freshminds.net/2013/02/big-data-in-retail-banking-the-opportunities-andchallenges/
11
Balea, Judith. "Lenddo Stops Lending, Now Helps Clients Determine Customer
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Danielle Bicknell
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