Start ups are popping up to help student loan borrowers navigate a complicated system.
One of those startups, Summer, provides borrowers a full view of their student loan situation and suggests optimal ways to repay the debt. The service is free for now during the coronavirus pandemic and can be used by federal and private student loan borrowers.
“Unfortunately, with the loan servicer and the borrower, that’s a zero sum relationship,” Summer Co-Founder and CEO Will Sealy, who previously worked at the Consumer Financial Protection Bureau and Elizabeth Warren’s senatorial campaign, told Yahoo Finance. “You either pay them or you don’t — and they’re trying to get as much money out of you as possible as a borrower.”
‘Many of our residents are facing unprecedented financial hardship’
There are about 44 million student loan borrowers across the U.S. holding $1.5 trillion in debt, with outstanding