The Gen Y Fund hopes to encourage students to pursue business ideas and innovations.

The Young Entrepreneur Council (YEC) launches the Gen Y Fund which takes advantage of the government's reforms to its Income Based Repayment (IBR) program. The fund provides student-loan relief to young entrepreneurs in the U.S. Applicants can apply online and must provide an executive summary of their business idea.

The $10 million Gen Y Fund will choose students based on various criteria. Selected applicants will have their federal student loans paid for up to three years and receive other benefits such as mentorship from YEC, receive campus housing for up to two years and have access to certain business courses from partner universities including Princeton and Georgetown.

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