How To Prepare Your Customers for Student Loan Payments Resuming
It was recently announced that federal student loan payments will resume on October 1st, 2023. For the first time in over three years, 43 million Americans will have to start making payments. The average borrower will pay up to $300 per month which will have significant implications for their budget. It’s going to be more important than ever for student loan borrowers to be aware of their full financial picture.
What your customers need to know
Over the past three years, many borrowers’ loans have been migrated to new servicers. This causes the borrower to be unenrolled from auto-debit (a way for borrowers to save 0.25% on their interest rate), and their loans to be disconnected from various financial apps or services.
Here’s a checklist of the specific steps borrowers need to take in order to get back on track with their student loans:
With Spinwheel’s API, borrowers can complete this entire checklist directly in your existing app or interface.
We also have a regularly updated list of Frequently Asked Questions about student loans that you can share with borrowers.
Add Student Loan Management to Your Product
Spinwheel makes it easy to add student loan management capabilities directly to your existing app or service. With our developer portal, you can integrate and start testing within a few hours. We also have drop-in modules that make it easy to create end user experiences and a team of partner success managers who are eager to ensure your program is as successful as possible.
Here’s an example of how Qapital, one of our partners, has used our drop-in modules to power their Debt Wrangler experience in their app.
For Benefits Providers
Two recent legislations, the CARES Act and Secure 2.0, have created new ways for employers to financially support their employees with federal student loans. Check out this blog post for all the details and how Spinwheel can support benefits providers in bringing these benefits to their customers.
Staying Up To Date
These are unprecedented times and the legislation regarding student loans is rapidly changing. We highly recommend individuals sign up for emails specifically for Federal Loan Borrowers here and check studentaid.gov for the most up-to-date information.. Borrowers may also be eligible for lower monthly payments with the new SAVE repayment plan.