How This Entrepreneur is Solving the Trillion Dollar Student Debt Crisis

Student debt has grown massively over the years and it’s currently crippling the young generation to build a better tomorrow. It is estimated that global student debt is over 3 trillion dollars. In Canada itself, the problem it has become more than just an issue, it’s a true crisis. But who is doing something about this using technology? Today’s story is with Jonathan Hillis, who founded Payd to solve the student debt issue.

We caught up with him to find out how Payd is tackling the student debt problem and what advice he would share with other entrepreneurs…

STARTUP

Describe what you do in 140 characters or less.
Payd‘s digitized the physical student card while adding tools that will help students pay off their education and succeed in the future.

What was the inspiration behind Payd?
With so many students struggling with debt around the world, there has never really been a solution to the problem. Instead, students are bombarded by banks offering high-interest student loans. We know that financial stress is the catalyst to a lot of other problems for students face – depression, stress, anxiety, you name it. That’s why we started payd. We wanted to help students get ahead… plain and simple.

What was the biggest challenge you had to overcome?
It might seem like the easy answer, but the pandemic was a pretty large hurdle that we have had to overcome. Essentially, I founded Payd months before the pandemic began, which obviously forced us to think about how we do things differently. But in truth, this led to an extremely helpful insight – if our industry was being forced to change others would as well. This singular thought allowed us to explore different avenues and see how our smart-savings technologies could be used to help change other industries – like the educational space.

PLAY

Who’s one person you think everyone should follow on social media?
There are lots of amazing people on social media to follow, but if I had to choose one – I would say Dan Price. What I admire about him is his ability to take care of people while simultaneously pushing them to do things the right way. He helps others feel appreciated and helps them get ahead. All things we strive for at Payd.

Favourite Sport?
Volleyball. You will find me in many leagues and tournaments around the city. It’s an amazing sport that truly teaches you the importance of trusting the team around you.

Go to karaoke song?
Firstly, there aren’t too many songs I won’t get up and belt out in front of an audience. But if I had to pick one I would go with Kiss from a Rose by Seal.

How do you relax?
It might not sound relaxing to most but spending time with my family is everything to me. It really helps put everything we do into perspective and I love that.

Favourite quote?
Nothing worth having comes easy.