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 FutureFuel.io, 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.