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Restructuring Student Finance

FOR undergraduate students. TO fulfill the costs of tuition + living. BY re-purposing, redesigning and rebranding educational finance.

Photo of Venkitaraman Hariharan
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Who is the target audience for your idea and how does it reimagine the cost of college?

Banks Regulators Students Families

The key features of the program are:    

  • Restructure semantics - Introducing floating interest rates for student loans; also, including co-borrowers or co-guarantors so that the family can also help in loan repayment

  • Redesign - Making early loan repayment a zero-penalty process; including a flexible EMI and flexible duration option

  • Repurposed - Student loans can only be used for covering tuition, hence, including an option to make it possible to cover tuition and/or living expenditure depending on how student wants to use the loan

  • Rebrand - Making the student loan/financial solution process as accessible, viable, and transparent as possible

What early, lightweight experiment can you try out in your own community to find out if the idea will meet your expectations?

Speaking to banks about their current student loan structure. An in-depth analysis of current loan and financial structures and how these semantics can fit in without a major overhaul of the entire system. These loan repayment structures are already in place for loans such as personal loans, car loans, etc., so it is quite possible to incorporate these features in to student loans.

This idea emerged from

  • A group brainstorm
  • A student collaboration


Join the conversation:

Photo of OpenIDEO

Hi Venkitaraman, interesting post! Any chance you could find an image to go along with it? Images help grab attention and tell a story with higher impact. You should be able to use the Edit Contribution button on the top of your post and follow the instructions to add images from there. Looking forward to seeing more of your inspiring insights on OpenIDEO.

Photo of Venkitaraman Hariharan

Thank you for your feedback openIDEO. I have updated the post with an image. Looking forward to hearing more on this idea from you and from my peers here on the platform.

Photo of Shane Zhao

Great share Venkitaraman! We appreciate how you're working on a business solution to tackle to Cost of college. Are there any finance experts you might engage to develop this further?

Also, perhaps you might consider helping people better grasp how this idea could play out by describing some of the proposed activities you've outlined. Check out this example: where a few scenarios were created to explain the idea in a human-centered way.

Photo of Venkitaraman Hariharan

Hi Shane,
Thank you for your input. We are presently working on data gathered from financial institutions. We do have experts with whom we will be conversing further on this, but we decided to first refine our prototype before approaching them.

We have built personas to better reflect how we will incorporate this idea in to the real world. We will be providing an update to this idea - with a user persona and an experience journey - by next week and we hope it will be a lot clearer then.

Again, thank you for the input and the linked article, both were immense help in furthering our ideas. Looking forward to your input on our idea once it is updated and refined.

Photo of Joanna Spoth

Excited to see these updates!