BOSTON, Dec. 12, 2006 (PRIME NEWSWIRE) -- As a special holiday gift, the innovative student loan company MyRichUncle (Nasdaq:UNCL) announced today it will reimburse students the cost of a one-way fare, a $15 value, on the Fung Wah "Chinatown Bus" from Boston to New York on Dec. 21, 2006. MyRichUncle will be providing the gift for all students departing from Boston between 12 p.m. - 7 p.m. (ET).
The Fung Wah Bus offers transportation between Boston and New York, where college students are the majority of passengers on the route.
In order to receive the free gift during the MyRichUncle "Bus Is On Us" holiday promotion, students must present their pre-purchased bus ticket, a valid student ID and provide an email address to MyRichUncle representatives before embarkation at the South Station Bus Terminal (Gate 25 -- on the left side) located at 700 Atlantic Ave. Boston, MA 02111. In return, each student will receive the cash equivalent of the cost of a one-way ticket -- a $15 value.
MyRichUncle co-founders Raza Khan and Vishal Garg, who started the business in 2000, utilized the cost-effective bus route to attend meetings with potential investors as they started to launch their company, which is now one of the most renowned players in the student lending space. The appreciation they have for the early days of starting their company has never been forgotten by Khan and Garg.
"We know what it's like to be cash-strapped. The Chinatown bus was the best way for us to get to Boston from New York when we were just starting up. We enjoyed sitting next to, and learning from, the students we dreamed of one day funding. Now that we are an established, publicly traded company, it feels great to give back," said Khan. "As a company that consistently places students' needs at the forefront, we are able to show our support by providing a means for students to return home for the holidays, and perhaps, revisit a little piece of MyRichUncle's history."
About MyRichUncle
From its inception in 2000, MyRichUncle has been at the forefront of innovation for education finance, most recently focusing on the growth market of student loans. Since May of 2005, MyRichUncle has originated more than $100 million private and federal student loans using its breakthrough underwriting platforms and innovative technology to deliver competitively priced products and services to borrowers. In May 2006, the Company launched Preprime, the first and only student loan that allows students to qualify for loans based on individual merit, rather than credit history alone. In June 2006, MyRichUncle launched its Federal student loans with upfront interest rate reductions at repayment. Dedicated to reshaping an industry that doesn't function in the best interests of the students, founders Vishal Garg and Raza Khan and their team are committed to delivering the most innovative solutions for their customers. MyRichUncle is effecting change in the student loan industry by empowering students to ask tough questions that lead to greater understanding of the serious nature of debt and the choices they make about funding education. The Company and its founders have been recognized by Fast Company's Fast 50 (2006) and listed among BusinessWeek.com's Tech Best Young Entrepreneurs (2006). For more information, visit http://www.myrichuncle.com/.