Eighteen months ago, we launched our student lending platform at 20 MBA programs. Today, we're expanding to more than 700 programs across 14 graduate degree programs nationwide.
We started with the simple idea of making education more affordable through lower cost financing. I myself had to pay for grad school, 100% with student loans, and experienced firsthand the personal pain of unnecessarily high rates, complex processes, and poor service. So too did my co-founder, Mike. So we decided to change all that and build the company we wish existed when we were in graduate school. One that cared about its borrowers and showed it—through lower rates, tech-enabled simplicity of process, and best-in-class customer service. When you call, we answer; when you hang up, we continue to advocate on your behalf.
I'm grateful to the borrowers who have joined us and excited to welcome many more to the CommonBond Family in 2015. I'm also proud of the team here at CommonBond for driving responsible growth on the platform, putting us in a position to bring our product and service and mission to many more people around the country.
And finally, I'm proud to announce today that CommonBond has forged an innovative financing partnership with Nelnet, one of the most venerable names in student loans. Nelnet has committed to funding $150 million in loans on the CommonBond platform, and they have made an equity investment in our company. This is the first time a public financial services company has invested in a student loan marketplace.
We believe that this partnership is a reflection of an exciting development in finance, where "Established" finance companies and "Emerging" finance companies come together, take the best of both, and make finance better for the end consumer.
In a word, these events signal growth. We're expanding to over 700 programs, hiring new team members, and working with more partners than ever to bring a best-in-class product to our customers. If you want to learn more about how we're doing it (or maybe you want to be a part of the action), email us at email@example.com or call (800) 975-7812.
CEO | CommonBond