Fintechs Partner with Banks to Help Solve Student Debt

Student loan debt is one of the biggest issues facing younger people today and most feel as if they don’t have a way to manage their loans effectively; fintechs like, Save and Summer are designed to help consumers better understand what options are available to them; there are also some banks beginning to come up with programs to help pay down debt but not hamstring the borrower; Fifth Third Bank rounds up purchase and puts that money toward student loan debt, the product is called Fifth Third Momentum; data from the Financial Health Network shows only 18 percent of people with student loans are financially healthy, compared to 36 percent of people without student loans; Savi searches for various federal and state programs to match them with borrowers which in turn can save them money each month; by partnering with these fintechs banks are able to build a stronger relationship with their customers, by saving money these customers are more apt to buy a car, or a house. American Banker.

  • Todd is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists. He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences. He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.

Sign up for our Newsletters

Every morning the Fintech Nexus News team scours the globe for the most important fintech stories of the day in the daily Global newsletter.

The Europe edition comes out on Monday, Wednesday, and Friday featuring the most important stories in European and UK fintech.

The Latin American newsletter arrives in your inbox on Tuesdays and Fridays. This is a trilingual newsletter featuring stories in Spanish, Portuguese, and English.

Join 20,000 subscribers!