SoFi has partnered with Fannie Mae to help its customers pay down student loan debt using home equity; already focused on student loans, SoFi's new Student Loan Payoff ReFi will allow homeowners to refinance their home and simultaneously pay student loan debt; with home equity, borrowers can combine their mortgage and student loans to make one loan payment on their debt. Source
CommonBond has created a March Debtness bracket to look at the payoff rates of this year's March Madness basketball teams; the bracket identifies the time it takes for students to pay off their student loans; UCLA is CommonBond's current March Madness winner with the fastest payoff rate at 4.42 years. Source
SoFi closed SoFi Professional Loan Program 2018-A; underlying collateral of student loans totaled more than $1 billion dollars; this is SoFi’s largest ever securitization as they continue to lead in the marketplace lending securitization market; there were 39 unique investors, including five new investors. Source
Future Finance has received commitment for £30 million from the European Investment Fund (EIF) to lend to master's degree students supported by the Erasmus+ European program; Future Finance is a student lending platform active in the UK and Germany; Erasmus+ subsidizes career skills-driven education for over 300,000 higher education students across the European Union; EIF's commitment involves loan guarantees that will encourage investing and borrowing on Future Finance's platform; it has launched a "Call for Expression of Interest" targeting additional financial institutions that finance master's degree students crossing national borders in the EU. Source
Student loan debt is one of the biggest issues facing younger people today and most feel as if they don’t...
Two reports share that the federal government may not profit or break even on their $1.4 trillion student loan portfolio; there has been an increase in borrowing in recent years and some graduate students are opting for income-driven repayment plans; these students are expected to pay back less than they took to pay for tuition; there are concerns that the interest payments of those paying the full amount on their loans may not be enough to offset those that are entering these plans. Source
Climb Credit is integrating earnings potential into its credit underwriting models for student loans; firm offers student loans for individuals and through partnerships with educational institutions; its credit underwriting process for a student loan includes multi-factor data on the earnings potential of the loan's borrower in addition to the individual borrower's credit score. Source
Income sharing agreements aren’t new and there were some early fintechs who have attempted this type of model; however there are new companies looking at income sharing agreements to help those with student loans tackle their debt. Source
Democratic Presidential hopeful Elizabeth Warren released her plan for student loans this week and it was met with mixed reviews;...