Archinect - News 2014-11-23T08:43:56-05:00 http://archinect.com/news/article/77677479/pave-offers-an-interesting-new-option-for-funding-an-education Pave offers an interesting new option for funding an education Archinect 2013-07-22T15:10:00-04:00 >2013-07-23T20:09:03-04:00 <img src="http://cdn.archinect.net/images/514x/dg/dg96mfze41bw8aiw.jpg" width="514" height="355" border="0" title="" alt="" /><em><p>Daniel Toole is a 28-year-old architect in Seattle who plans to attend Harvard&rsquo;s master&rsquo;s program in urban design. But instead of paying his way with graduate student loans, he is trying to raise money by selling a slice of his future earnings to investors.</p></em><br /><br /><p> <em>He needs $80,000, even after scholarships and grants. Mr. Toole wants to finance a big chunk of that through a new company called <a href="https://www.pave.com/" rel="nofollow" target="_blank">Pave</a>, which connects people like him with &ldquo;backers.&rdquo; If he reaches his goal and raises $30,000 from Pave investors, he will pay them 7 percent of his projected annual salary for 10 years.</em></p> <p> <em>&ldquo;If I decide to go into the Peace Corps or do something like work for a major firm that didn&rsquo;t pay well for the first couple years out of school, the percentage of total income would be quite a bit lower than standard 10-year loan paybacks,&rdquo; said Mr. Toole, who has commitments for nearly $11,000 so far.</em></p> <p> <em>The program comes with other perks: the investors, who clearly want to see their human investments succeed, often double as mentors.</em></p> <p> <em>&ldquo;This is me reaching out and seeing if I can get access to people who can guide me through my career and push me around through their own networks,&rdquo; Mr. Toole added. &ldquo;I need solid financial mentorship. I am not great with money, and ...</em></p>