Also in this playlist...
This transcript is automatically generated
-- student loan debt expected to hit one trillion dollars this year one company is trying to help students save some money tag -- -- -- rentals.
Homework help and daily deals to college students joining me now is its CEO and president -- -- Dan Rosensweig.
Very happy to have you on.
Is one of the hottest companies out in Silicon Valley getting so much buzz and it's really great to have you on.
Let me start off by by talking about -- -- -- attempts to help make college more affordable because it's a topic we talked a lot about on this program.
When He doing to make it cheaper.
Well I mean you mentioned -- before there's a trillion dollars in debt.
On student -- salon -- and thanks to a provision in No Child Left Behind the only debt you can't declare bankruptcy on.
These -- student loans so we're frankly we're spurring our kids even before they get started following their dreams their passions and to be positive contributors to the society and so we're looking for any conceivable way.
That we can help students save time save money.
And get smarter so the rental textbook business -- the largest in the world -- doing that it's been incredibly successful incredibly popular.
But as you mentioned we're also try to put the power into the students' hands so they can learn more they can work with other students that get answers to questions that get homework help.
These students are putting themselves through.
College they're working there.
Very hard to do so I heard some congressman yesterday said you know they shouldn't take pell grants instead they should take three jobs well we wanted to learn we want to learn.
So anyway we can help them save time save money get smarter we're gonna try to offer that to student.
I've read that used say that face focus for everyone and -- is for students -- trying to make yourself into not necessarily a direct FaceBook competitor.
But something that is more geared toward students -- that FaceBook used to be.
Well if you look FaceBook is the largest social network in the world where great partnership with FaceBook and we work with them all the time and and so we're not -- to compete with FaceBook and anyway and what they do.
But we are doing -- is we're seeing that there's.
There are platforms for your professional life -- -- in their platforms for your social life like FaceBook.
But there really hasn't been a platform for your student like for your educational life.
From high school through college and then beyond -- get into college and so we acquired a company called since that helps.
Millions of students connect to the right college for them in a much less expensive way -- they don't have to visit the school.
Help you plan your courses help you connect to other students in your class in your school in your major.
Help you get answers to questions from other students so -- -- get class notes and study guides to what word -- try to compete.
-- anybody we're trying to create an environment where.
When a student gets up the morning dialogue and check and something is gonna get better for them as a result of -- Dan gets smarter they're gonna save time.
They're gonna be able to get access to things they couldn't get access to before so we're actually just trying to build in.
To the social graph that FaceBook is creating.
By creating a student per.
-- you've already created a really loyal consumer base a customer base out there but there are definitely some drawbacks and I asked some of our viewers and -- my Twitter followers out there.
I can give need their thoughts and here's one of the cons that I heard a couple of times first is.
The service is better for undergraduates this election is in -- great particularly for graduate students.
And particularly for the people who actually want to physically -- net a -- what do you think about that.
Well look those are fair points -- one of the difficulties is we take the risk.
Financially on behalf of the students because -- by the books and and we rented to them for significantly lower price than we initially pay for and so.
-- capital constrained in some areas to be able to offer the largest catalog and that's why.
And so we double the catalog this -- in and so.
We're very excited about that and for those -- graduate school we expect to increase it even further in January as each of these investors rolls up.
In terms of not being able to keep the book recently we've -- the opportunity for students to read the book.
Or buy the -- -- you can buy user in some cases by news so we just keep expanding.
The services in the way people can get access to the -- Very very quickly and I need to ask you groupon going public in two weeks you -- by Kleiner Perkins -- some pressure on you to go public as well.
A great thing about having magnificent investors like Kleiner Perkins and insight foundation capital and others is they really just want us to create the greatest amount of value we can for students.
Because they know that equates to shareholders and so that there really isn't any pressure except to keep executing.
And build an environment in which students can save time save money gets smarter and so right now things are great.
Dan Rosensweig CEO of Chiang to creating a whole new life with.
Basically killing they need for high lighters and post it notes the hunt thank you very much.
Well -- just over an hour to go into the closing bell the Dow is up more than 200 points Nicole can only be -- in the.
Filter by section