Student Loan Support Alternatives
Student loan conversations remain top of mind for many. Most recently the focus has trended toward a handful of notable topics:
- The possibility of extensive federal loan forgiveness
- A need for more affordable college education
- Continued postponement of student loan repayment
- Simplification of key programs (e.g., Public Service Loan Forgiveness) so more borrowers can benefit
There's no doubt these topics are important and will continue to receive attention. However, in the short-term there are opportunities to improve student loan borrower outcomes. Employers, service providers, and colleges and universities are stepping in to help.
An income-share agreement (ISA) is a contract where a student receives education funding in exchange for a percentage of their post-graduation monthly income for a fixed number of years. Typically offered by schools or private lenders, ISAs can fill the gap between federal financial aid and the cost of college and are an alternative to private or federal PLUS loans.
Student loan repayment assistance is an employer benefit that makes contributions to employee student loans to help them conquer their debt more quickly. It's the fastest growing non-health benefit to attract and retain top talent. And offers an alternative path to more quickly paying down debt and paying less overall interest.
Student loan counseling helps a wide variety of borrowers answer many questions. Whether it's choosing the best repayment plan for a unique situation or applying for default rehabilitation. Counseling from a knowledgeable and trustworthy source is a cost-effective way to address the numerous challenges borrowers face.
As we continue to follow student loan legislation, policy, and trends we'll report on what we learn and how it impacts you... our customers and community.
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Beth Erickson Vice President Repayment Solutions |
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