Student loan pause is ending – embedded finance can help
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.
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.
Is your platform ready?
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.
Embedded fintech solutions cover a wide range of use cases
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.