The US’s higher education system is the “largest uninsured market in the world”, complains Wade Eyerly, the CEO and co-founder of Degree Insurance. “We tell our kids to borrow 10 or 20 times their net worth, to invest in one single place and to hope it pays off – it’s really the worst thing in the world that you could do.”
Now, however, Eyerly and his co-founder and company President Dennis Murashko have a solution. Courtesy of a just-completed $4m fund-raising, their start-up is about to begin marketing a brand new type of insurance cover, dubbed “American Dream Insurance”.
The premise is simple enough. On leaving college, Degree tells students how much they can expect to earn, on average, over the first five years of their career, given their subject major and the college they attended. At the end of those five years, any student who hasn’t hit the average