ModernStates.org: A Free Online College Credit Revolution
Steven Klinsky, a notable figure in private equity and philanthropy, is shifting the spotlight towards an innovative resource that’s making waves in the world of higher education: ModernStates.org.
This online educational platform, under the umbrella of Klinsky’s Modern States Education Alliance, has already reached an impressive audience of 800,000 individuals who are benefiting from equivalent of 25,000 free years of college credit – all without the help of any advertising. And according to Klinsky, this is just the beginning.
Addressing the Student Debt Crisis Through Education
When asked about his motivation for such an endeavour, Klinsky, who has a significant focus on philanthropy, draws attention to the exorbitant amount of student debt currently totalling $1.7 trillion. A number he rightfully considers dystopian.
An Elegantly Simple Idea: Free CLEP Exam Courses
Modern States has ingeniously capitalised on the CLEP (College-Level Examination Program) exams, administered by the reputed College Board. These examinations cover a broad spectrum of subjects, from American literature to college algebra and have been in existence for half a century. Securing a pass in these exams guarantees credit at most US colleges and universities without the need for tuition.
Yet, these helpful resources remained relatively unknown, and preparing for them financially was out of reach for many. Klinsky’s effective solution was to procure the best professors across 32 subjects to create free online courses, ensuring that students had access to complimentary coursework, readings and practice questions. Plus, Modern States even covers the $100 CLEP exam fee for successful students.
From Private Equity to Philanthropy: Steven Klinsky’s Journey
Klinsky’s passion for education philanthropy springs from personal roots. Growing up in Detroit, his elder brother Gary tutored him constantly, profoundly influencing his life. With an estimated net worth of $4.9 billion as per Forbes, Klinsky utilizes his wealth to positively impact education across America.
The Redemption of Private Equity through Philanthropy
Klinsky’s personal history is deeply entwined with the world of private equity. Having witnessed the excesses of the 1980s era of dealmaking, he opted for a different approach with his firm, New Mountain Capital. The company focuses on improving the businesses it acquires, thereby redefining private equity as a form of business. Klinsky’s free-college initiative is a testament to his commitment to improving broken systems.
A Philanthropic Secret: Just Getting Started
Even with its significant outreach, Modern States remains a well-kept secret in the world of philanthropy. Klinsky attributes its organic growth of 800,000 users solely to word of mouth. With student debt becoming a pressing issue for many, Modern States offers a practical solution that’s already working for thousands of students.
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