Summer wants to vanquish student loans for borrowers, and now has $10M to do it
In the News. Sep 26, 2019
$1.5 trillion. That’s the amount of outstanding student loan debt held by American citizens according to the New York Fed. It is an astronomical sum, and has led to much hand-wringing about whether there is a coming bubble in U.S. higher education.
What’s even worse than the scale of the debt load though is the fact that for millions of borrowers, they literally don’t have to pay some of those dollars. Thanks to the complexity of the loan system in the U.S., borrowers often qualify for repayment programs that can lead to loan forgiveness, that is, if they can figure out the terms, apply correctly, and actively follow the rules to net the write-off.
Enter Summer. The public benefit corporation is on a mission to act as a “trusted advisor” to student loan borrowers. Through its platform, borrowers can get a full 360-degree view of their current student loan situation, and begin exploring options for how to repay it in the most financially efficient way possible.