I couldn't be more pleased with the capable hands in which GradeFund finds itself, and I sincerely look forward to both watching the Company evolve, and assisting the new management team in this next phase.
New York, NY (PRWEB) September 10, 2009
The management team of Campus Destinations, Inc. (http://www.campusdestinations.com), a leading information services company in the collegiate sector, is pleased to announce that is has acquired GradeFund, the pioneer of alternative education financing. With over 18,000 registered high school, college and graduate students, GradeFund offers a community-based approach to education financing, as an alternative or supplement to traditional scholarships.
According to the US Department of Education, in 2007, the U.S. spent over $970 billion dollars on education. Nearly $80 billion dollars were spent on college loans alone. Despite the current Presidential administration's concentration on quality education, turbulent economic conditions have limited the spectrum of viable options for young adults pursuing secondary education, resulting in considerable need and an opportunity for GradeFund to help millions of students.
Chairman of Campus Destinations, Arup Banerjee commented, "GradeFund is a tremendous asset that arms students with an essential tool in furthering their education. We are pleased to bring on a very experienced management team with the fresh perspective necessary to revitalize GradeFund, guide the business towards greater profitability, and more importantly, assist students across the country in achieving their goals."
Banerjee has appointed Zachary Suchin to the CEO position of GradeFund, Inc. Suchin was the former CEO of publicly-traded social media company, College Tonight, Inc. and its collegiate platform, TheQuad.com. Suchin's operational experience in new media and raising capital will be supplemented by the addition of a new COO, his former business partner and CTO of College Tonight, Jason Schutzbank. Suchin and Schutzbank collectively have over 15 years of professional experience in the Internet sector, primarily focused on the education vertical.
Suchin said, "Our immediate focus will be on increasing the Company's brand recognition, diversifying the target demographics for a product that equally benefits students from 'both sides of the track,' and toggling the Company's effective revenue streams to support the natural growth that will occur once the greater population becomes aware of the service."
Founder of GradeFund, Michael Kopko, commented on the smooth transition, "I couldn't be more pleased with the capable hands in which GradeFund finds itself, and I sincerely look forward to both watching the Company evolve, and assisting the new management team in this next phase."
The next ninety days will represent a restructuring period that is geared towards streamlining the user experience and refining the free services business model in order to accommodate significant growth. During this period, GradeFund users can continue to use Campus Destinations services and register at http://www.gradefund.com.
Suchin added, "GradeFund has a wonderful story to tell. It's time to end full dependency on decreasingly-available scholarships and high-interest bearing loans...time to inspire hope, tear down financial barriers and to incubate the next generation of innovators and leaders."
For further information or press inquiries, please contact info (AT) gradefund.com.
GradeFund is a community-based approach to student education financing that encourages academic success. Family, friends, philanthropists, corporations and other organizations work together to reward high school, college and graduate students alike for performing well in their pursuit of academic excellence. Having been featured in BusinessWeek, ABC News, NBC News, Fox News, CBS News, and Time Magazine, this revolutionary, patent-pending method of student financing has never been more appropriate than during the current economic downswing. For more information, please visit http://www.GradeFund.com.
About Campus Destinations:
Campus Destinations is a leading information services company for college campuses and college-based communities. Since 2005, the company has operated successfully to save students both time and money. College students and the local communities benefit from multiple products and services including proprietary mapping technologies and its student discount card- the Black Card. Campus Destinations is a rapidly-growing company servicing over 40 universities. For more information, please visit http://www.CampusDestinations.com.