Giving Compass' Take:

• Charlie Javice is the founder of FRANK, an online platform that helps students complete the FAFSA form quickly and efficiently, and provides other services that help students understand more about applying for college financial aid. 

• How can startups that are helping students prepare for college/university partner with higher ed institutions for more access to university resources? 

• Read more about the decrease in the number of students who apply for financial aid because of the FAFSA process.

Student debt is a growing burden among college graduates. Borrowers have a collective $1.5 trillion in student debt in the United States, according to figures from the Federal Reserve.

There is a way for students to get free financial aid from the government, but the process can be arduous. In May, billionaire Microsoft founder Bill Gates published an article advocating for a simplified process of the Free Application for Federal Student Aid, or FAFSA. Gates said the application has 108 questions — three times the length of a standard federal income tax form.

Charlie Javice, a 26-year-old University of Pennsylvania grad, recognized the same problem as Gates. In late 2016 and early 2017, Javice sat with close to 1,000 students in the South Bronx helping them fill out financial aid request forms.

Later, Javice turned her field work into Frank, an online platform she founded that works with students to complete the FAFSA process in as little as four minutes, for free. To date, Frank has helped more than 300,000 students receive $7.5 billion in financial aid. The average filer who works with Frank receives $28,000 in aid from the government, Javice said.

"We basically start with your FAFSA and help streamline that process, so it only takes four minutes for you to complete it and you're less prone to making errors — whether it's taking a picture of your tax returns or all the help along the way to make it a lot simpler," Javice said.

On the website, students can search for colleges and find a complete list of costs, file their FAFSA, and join the membership program.

Javice's hands-on approach didn't stop in the South Bronx. Frank's team of 18 employees holds weekly focus groups to understand issues college students are facing in day-to-day life.

Read the full article about college financial aid by Myelle Lansat at Business Insider