Student loan management – How debt APIs can help

According to information sourced from Education Data, student loan debt in the United States totals $1.73 trillion and is growing at a rate six times that of the national economy’s GDP.  That’s a staggering statistic, but this alarming trend is likely to continue due to the relative ease of taking out a student loan. Student debt in the United States has risen to $1.75 trillion with little indication of slowing down. 

How do these statistics affect the individual student debtor? In 2020, private student loan debt increased by 14% – that’s $16.8 billion, no small number. Look even closer and you’ll see that the average student debt of 43.2 million borrowers is $39,351 each. This leaves student borrowers obligated to pay back their loans whether they’re employed or not.

Many students just graduating from high school are influenced by family and social pressure to get a college education, even though they don’t have the funds to do so. What’s more, some don’t have the resources such as steady full-time jobs, minimum mid-range incomes, and so on, to make such a big financial decision. This leads them to take out student loans with little consideration of the future ramifications.

Student Loan Forgiveness – Biden may not be the answer

There has been much hope and speculation by student borrowers that an across-the-board federal student loan forgiveness “Biden” program is in the works, but unfortunately, this won’t happen any time soon. In fact, despite pressure from progressives in his party and student loan forgiveness advocates, President Biden has stated that this can’t be a unilateral decision on his part and that congress needs to be involved in any move toward complete student loan forgiveness.

Despite this, there is some relief available for qualified borrowers. For example, government partial forgiveness programs are available for students whose schools have defrauded them, those who have been involved in public service, students who have suffered permanent disabilities, and other exceptional circumstances.

Efficient student loan management is key

It’s official now that a blanket-foregoing of student loan forgiveness Biden suggested is off the table. The answer to effective student loan management now lies in student borrowers having the necessary resources to manage their student loans better. That’s where smart and focused debt API-embedded debt repayment apps come in. Using Spinwheel’s debt API-enabled financial wellness apps is an effective way for students to keep track of their loans. What sets Spinwheel apart from other debt API providers is that once a user connects to the already familiar financial wellness app that they’re used to, the user remains logged in without having to reconnect. Where Spinwheel breaks the norm with its competitors in the debt API space is in their secure and efficient data acquisition and usage methods, without the risk of having the users’ data scraped in any way.

Spinwheel offers an easy-to-use, low-code, drop-in style student loan debt API that makes impactful debt management and debt repayment possible. Embedded intelligent debt solutions enable financial apps to present a user-friendly financial education experience to assist users with better student loans management practices. Coupled with real-time updates and changes, Spinwheel’s API interfaces with the user’s financial app to provide efficient data acquisition. This helps borrowers make smart debt decisions to improve their financial and debt repayment outcomes, fast. 

Spinwheel’s debt API interacts with financial and repayment apps and services to simplify application information access, transactions, payments and enhance presentation without ever using a 3rd party.

For financial wellness apps, it’s a cinch for developers to build their apps with the help of Spinwheel’s easy-to-use embedded low-code API drop-in-style modules, making integration easier while quickly getting their projects up and running. Spinwheel’s innovative drop-in modules are not only solving problems with student loan lender apps and services but also work efficiently with:

• Banks
• Personal financial wellness apps
• Workplace benefits, 401K providers, and record keepers
• Companies with loyalty rewards

How Spinwheel works

For Spinwheel’s debt API interacts with financial repayment apps and services. Without using a third party, users get information access, transactions, payments, and enhanced presentation. financial wellness apps, it’s a cinch for developers to build their apps with the help of Spinwheel’s easy-to-use embedded low-code API drop-in-style modules. Spinwheel makes integration easier while quickly getting projects up and running. Spinwheel’s innovative drop-in modules are not only solving problems with student loan lender apps and services but also work efficiently with:

• Banks
• Personal financial wellness apps
• Workplace benefits, 401K providers, and record keepers
• Companies with loyalty rewards

Smart debt APIs are key in finding student loan debt solutions for your customers

Spinwheel has developed cutting-edge debt APIs that focus on ease-of-access – making your already familiar financial wellness and debt repayment apps smarter and more efficient than ever. From letting a borrower use their financial data to better optimize and automate their loan payments, helping employees manage debt efficiently, or simply offering a debt repayment calculator to help customers gain easy to understand 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 fast. Spinwheel has a strong focus on helping tackle student loans and student loan repayments to help students get out of debt sooner by improving their literacy about debt and finances. Learn more about Spinwheel here or contact our sales team here.