Post-secondary school is great. You work hard and party harder. But, despite all the fun, there is a dark, looming shadow that students and families are not prepared to deal with: saving and paying for education. The sad reality is that the average Canadian student takes out $30,000 in student loans, which takes most grads up to 15 years to pay off. This is why we created payd.
payd is a tool to help students pay off their debt while still in school, grads get out of debt faster without breaking the bank, and parents save for their child’s education. Our round-up savings, cash-back rewards, investment tools, and crowdsourcing program make saving and paying off student loans easier.
Our founder, Jonathan Hillis, has worked in the post-secondary education industry for over 10 years.
While leading the creation of RealCampus, a mental health focused program for college and university students, with Shift Collab founders Jordan Axani and Megan Rafuse, they found financial stress to be in the top 3 stressors for the majority of students across the country. Nothing was really being done to help students. In fact, the opposite was happening. Tuition and the cost of living continued to rise while job prospects after graduation became more limited.
Jonathan knew students shouldn’t have to choose between buying a textbook and purchasing a meal. He knew something more needed to be done to help students. And just like that, payd was born.
payd was created to help students save and pay for their education in a non-traditional way. Our goal? For students to be financially secure without having to change their lifestyles and actually enjoy the post-secondary experience.
- 1Solve Problems – Paying for education isn’t easy. That’s why we’ll continually strive to find new and unique ways to simplify it.
- 2Collaboration – Working (remotely) together in order to put our users and partners first.
- 3Empathy – payd is for the user. We value deep diversity and continuously seek more than just representation.
- 4Humility – We are here to serve our users, our customers, and our shareholders. Constantly working to free students from debt through honesty in both our professional work and personal lives. When faced with difficult decisions, we do the right thing, even in the face of adversity. payd strives for constant self-awareness and own both our successes and our failures.
- 1Eliminate financial stress
- 2Limit student’s mental stress
- 3Giving back to students in meaningful ways
- 4Eliminate food insecurity
- 5Provide current students with work opportunities through internships, co-ops, and other work experiences
- 6Increase students access to grants and scholarships
- 7Provide quality and effective financial literacy to help students today and in the future
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Whether your child is in preschool or about to graduate high school, it’s never too early or late to start planning for their post-secondary education. And now, you can use our cash-back, round-up savings, and investment tools to fund an RESP account for their education. Sound simple? It is. With payd and our partner Questrade Wealth Management Inc. you can fund their RESP every time you spend.