MINNEAPOLIS--(BUSINESS WIRE)--Esqyr, an online test prep startup launching this week, is the first company to serve students with both affordable online test prep materials and a legal obligation to tackle student debt.
“The student debt crisis isn’t just caused by rising tuition,” said Chris Henjum, co-founder of Esqyr. “The many tests required for a credential or license often forces students to pay thousands for study materials.”1
Big test prep companies often bundle materials together, forcing students to purchase tools they don’t want, at a price they can barely afford. Esqyr solves this problem by offering a la carte online study tools, using credible materials licensed from national organizations.
Esqyr’s first target: the bar exam test prep market, which increasingly contributes to the student debt crisis. Law is the only profession that has a loan named for its licensure test, reflecting the enormous increase in the cost of bar exam study materials.2 Esqyr’s affordable MBE and MEE study tools are $189 each while the company is in beta.
“Because I experienced first-hand financing the enormous and unjustified cost of test prep, Esqyr will do its part to prevent and reduce student debt,” said Henjum.
Minnesota’s new Public Benefit Corporation law gives Esqyr the legal foundation to serve students, rather than solely the bottom line. As part of its social mission, the company will donate 20% of its profits to organizations tackling student debt, along with free accounts for students who face the most challenges in repaying their student debt.
In addition, Esqyr will connect students to affordable tools from like-minded companies, such as BarIssues and LawTutors.
By giving back to organizations tackling student debt and providing affordable study tools, Esqyr can help students “do good, and test well.”
1 The number of professions requiring a license – and a licensure test – has skyrocketed. See, http://www.brookings.edu/blogs/up-front/posts/2015/01/26-time-to-examine-occupational-licensing-practices-kearney-hershbein-boddy.
2 Prices from archive.org and historical news reports. See, www.esqyr.com/resources. Example of a “bar loan”: https://www.wellsfargo.com/student/graduate-loans/bar-exam/.