How Technology Can Help With Student Loans
The present education system and the coaching institutions demand a high price that is overwhelming in nature. This case includes almost ten percent of the private universities and nearly fifteen percent of the public colleges over a five-year-long period. Or else, simply put, the tuition fees have advanced to five-fold faster than the consumer price index.
As this situation prevails, students have greatly opted to the overpriced student loans. Followingly, the student loan debt crisis has eventually declined the dreams of many from pursuing the graduate programs. However, the revolution of technology has almost surpassed this issue.
- A start-up financial tech company has resolved this problem by providing the students and the parents a means to refinance and merge their undergraduate and graduate debt. The only thing you need to do is to ensure if you are fit enough to qualify the eligibility requirements in order to utilize their services. One major criterion among this is you are employed and receives a monthly cash flow.
If approved, this reputed company will surely refinance both federal and private loans along with the benefits of several federal protection programs. Apart from this, it also offers the unemployment protection scheme where it temporarily halts the monthly payment in case you lose your job.
- Additionally, a peer end lending platform has been developed seeking to link the borrowers who wish to refinance student loans with investors. There exists no application fees and interest rates are also low but this stays relevant to specific graduate programs.
- Parents who wish to invest in their child’s education early on in life can opt for the platform called future college savings. Apart from the tax benefits, it advises the parent where to invest their money on. This is made possible by the use of automation and multiple custodians. You can learn more from nettivipit.fi