Is your application ready when student loan payments resume? Get your embedded solution here.

Student loan pause is ending – embedded finance can help

More than 43 million borrowers are looking for help. Spinwheel has the embedded finance solution.

What does student loan pause ending mean for borrowers?

Biden’s student loan pause came into effect in 2020 as part of the mitigation efforts by the US for the pandemic.  President Biden’s student loan pause extension ,including the student loan interest freeze, is now set to end on January 31st, 2022. While another  extension is unlikely,  more borrowers can now qualify for the expanded Public Service Loan Forgiveness (PSLF) , or student loan forgiveness, Biden has pushed.

How does student loan pause ending effect your business?

Your customers need your help more than ever as one of the most significant payments in their life resumes in February. Are you and your application ready? Spinwheel is here to help you get ready to prepare your members to find, connect, and have money to repay their student loan debt. We make it easy for you to help your members spend less, keep their credit score pristine with on-time payments, and build financial confidence for a healthier debt relationship. Drive more brand trust, loyalty, and revenue through tailored experiences designed with borrowers in mind.

When do student loan payments resume? Be prepared.

XX days
XX hrs
XX mins
XX secs
43 M+
Borrowers will start making payments again
71%+
Are not ready for student loan payments resuming
43 M+
Need to reconnect accounts for auto pay.
25%+
Have their loans moved to new servicers.

What are the opportunities for businesses?

January 2022 will be an unprecedented time where 43+ million borrowers will need to reconnect and pay their student loans for the first time since 2020 . Borrowers who have enjoyed XX months of loan forbearance are looking for assistance–they need to locate, connect, and manage their accounts first–to repay their loans.  Lousy communication from the government on the changes, and lack of data puts the borrowers at risk of missing student loan payments and a ding on their credit score.

This is an amazing opportunity to assist borrowers with account information, account management, and auto-payments including auto-debit with embedded fintech.

Acquire, retain, and engage borrowers. Gain new revenue with student loan refinancing or by joining our refinance network.

Is your platform ready?

Spinwheel
Manage all student loan accounts on your platform
Know where the loan is and payment plan type
Have rich quality student loan data
Constant connectivity with tokens
Embedded auto-debit capabilities
Refinance directly with affiliate lenders
Others
Severely limited to no account management capabilities
Outdated lender and account information
Missing, incomplete, or faulty loan data
Broken connections with cookies
Auto-debit capabilities not available
Refinance taken to 3rd party servicers

We're here to help

Our debt APIs helps businesses and borrowers achieve a full financial picture so borrowers can make better financial decisions, while driving incremental revenue to businesses. We make it easy for businesses to bring value to borrowers with better data, intelligence, automation, and embedded debt repayment, including refinancing, with our no code drop-in modules that gets businesses up and running fast.

Our proprietary debt API requires no other integrations.

Help borrowers have a healthier and happier relationship with their student loan debt

With our embedded fintech, it is easy for all borrowers to connect, manage, refinance, and pay their student loans in January.

Student loan product and benefits

Refinance student loans directly
Secure and continuous connection
Rich quality data in real-time
All student loan accounts managed in one spot
Manage debt with intelligence
Highest debt impact for every payment
Start building with our debt APIs for free