Tackling Student Loan Debt and Student Loan Repayment
Federal student loan debt forgiveness can only help so much
100% student loan debt forgiveness was on the agenda much earlier this year but seems unlikely now as the near-term goals of the Biden administration become clearer. The bottom line is that if you are planning to take out a federal student loan under the assumption that it will be canceled anytime soon, don’t.
So what else is happening to help students? Colleges and universities need a more transparent approach to the effective costs that a student can incur before deciding to take out a student loan. Some universities and colleges have even put programs into motion to maximize students’ scholarships without reducing their total financial aid package.
The answer: Implementing smart debt solutions and debt APIs
With the way things are at the moment, student loan forgiveness isn’t likely for most borrowers. However, there are other ways available to help students manage their current debt in a more effective manner. If debt management is appropriately implemented, it allows the borrower to repay loans faster, with more efficiency.
Debt repayment apps that work on smartphones help make debt management easy to access. These apps give an easy-to-understand picture of the borrowers’ loans using charts, graphs, and visualizations. The apps are also interactive, which allows the borrower to assess the impacts of various loan management strategies.
App developers use embedded debt to present the most information as quickly and concisely as possible. These Application Programming Interfaces ensure that payment networks can link borrowers’ information directly to their smartphones. Using intelligent financial data gathering, embedded APIs enable borrowers to manage their debt efficiently and effectively.
Spinwheel has developed cutting-edge debt APIs that focus on ease of access. This makes your already familiar financial wellness and debt repayment apps smarter and more efficient than ever. From letting a customer use their financial data to better optimize their loan payments, helping employees manage debt efficiently, or simply offering a debt repayment calculator to help customers gain quick insights, Spinwheel is the leader in unlocking consumer value with debt APIs And thanks to their easy-to-use drop-in API modules, your developers can customize and implement quickly. Spinwheel has a strong focus on helping tackle student loan debt to help students get out of debt sooner.
Learn more about Spinwheel here or contact our sales team here.