The $3.7 trillion-asset company said in a press release Tuesday
that Frank serves more than five million students at more than 6,000 higher
education institutions. It did not disclose the price it paid.
“We want to build lifelong relationships with our customers,” Jennifer
Piepszak, Chase’s co-head of consumer and community banking, said in the release.
“Frank offers a unique
opportunity for deeper engagement with students," Piepszak added. "Together, we’ll be able to
expand our capabilities for students and their families, helping them
financially prepare for college and other major moments in their future.”
Frank’s platform includes a streamlined FAFSA application process,
advice to students appealing and negotiating financial aid packages, curated
scholarships and ClassFinder, a marketplace of discounted college-level courses
for transferable credit.
The Frank brand will continue to be led by former CEO Charlie
Javice, who was named Chase’s head of student solutions on the digital products
team. Javice founded the platform in 2017.
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