Testing the Hypothesis Pt.2

In my previous posts, I have identified an opportunity for students in college who are needing to take out student loans. The opportunity lies in the fact that these students who are entering college without the money needed to pay for college, are blindly accepting the federal student loans that are offered to them without fully understanding the consequences of doing so and the effect that it will have on their lives for years to come. I previously conducted 5 interviews with students who fall under this opportunity category and would be a target market for my service. For this post, I found 5 more students who I originally thought might have this unmet need that I have identified, but turns out for some reason they do not. 

Who: After these interviews, I learned that there are some people who have a lot in common with the students who have the unmet need that I identified, but do not fit the boundary. The overwhelming consensus that I found was that these students are very well aware of all the aspects of the student loans that they are taking out. Factors such as interest rates, subsidized vs. unsubsidized, and payback periods. These students that I talked to all were very well educated on the topic and consciously made the decision to accept the loans and attend the university. 

What: For this particular need, it is important to understand and identify that not all students with student loan debt fit this need. Many students have made these decisions knowing full well the consequences so therefore do not need an advising service, rather need tuition assistance or loan forgiveness. 

Why: I have already touched on it briefly, but through these interviews I found that the underlying cause for these "outsiders" needs is different. The cause for their need is that simply tuition is a lot of money, rather than they are uneducated about the entire process like those who fit the need for my service. 

Inside the Boundary:                                                                            Outside the Boundary:

WHO IS IN - Students of colleges and universities                       WHO IS NOT - Students who are 

                       who are uneducated about the process/                    very educated and aware of the 

                       effects of student loans and their                              effect and process of student loans

                       alternatives                                                               WHAT THE NEED IS NOT - 

WHAT THE NEED IS - Assistance and advising                           Tuition assistance and support

                                        with the student loan process.                  ALTERNATIVE EXPLANATION

WHY THE NEED EXISTS - Lack of education and                      Perhaps some counties of high

                                                advising in high schools                   schools do better in educating

                                                and colleges about student                about this topic than others

                                                loans