Students Set September Record: LoanGiftings Numbers Increase by 100,000…and Counting

Students Set September Record: LoanGiftings Numbers Increase by 100,000…and Counting

Happy “Back to School” season.

Or should we call it “Loan” season? Wherever you are in your academic journey, the fall months are often a time to reset, regroup and re-evaluate your educational status—grade-wise and tuition-wise. As we settle into autumn, you (like millions of other indebted students and recent grads) may be asking yourself, “Where’s my next student loan payment coming from?”

As it happens, thousands of students such as yourself have chosen to answer this very question by turning to LoanGifting. Over 100,000 students, in fact. In what has been a record-setting September, LoanGifting’s crowdfunding website has welcomed more than 100,000 new student loan debtors to its platform. As more and more of the 45 million Americans with educational loans begin to take advantage of LoanGifting’s powerful combination of crowd-sourced fundraising and employee-sponsored student loan benefits, the LoanGifting solution is fast gaining a reputation as the future of student debt relief.

“It’s clear millions need help with student loan repayment. LoanGifting was created for that purpose,” says Ravi K. Sawhney, LoanGifting’s founder and CEO. LoanGifting allows student debtors to connect with their extended network of friends, family and employers to help alleviate outstanding student loans by pitching in small amounts that can make a huge difference. The FinTech solution allows donations to be made directly to a student debtor’s loan account, seamlessly streamlining the repayment process and potentially making it more attractive to loan holders than more traditional methods like, say, 401k subsidies.

“The power of LoanGifting not only lies in the desire and ability for companies and society to help solve the student debt crisis, but goes beyond. Similar to a savings bond…LoanGifting contributions to loans can create a magnification of benefits. By prepaying principal today, we see as much 300% in total debt service reduction,” Sawhney observes. And, if September’s enrollment is any indication, thousands upon thousands of students saddled with debt are catching wise to the immense benefits of LoanGifting and taking steps to get in on the ground floor.

And that’s only the beginning.

With the recent launch of Student LoanBenefits, a feature that gives employers the opportunity to use LoanGifting as part of their employee packages, LoanGifting is on track to grow exponentially in the coming year. “Employers are looking for ways to help recruit candidates, retain employees, and reduce workforce stress. Recent studies show student loan benefits accomplish all three. By partnering with LoanGifting, we believe companies can help make significant progress in the fight against student debt [all] while aiding internal performance metrics,” Sawhney reports.

Class dismissed for now, students. We hope this information gave you some fresh insight into how best to design a loan repayment plan. In September, thousands of students and grads decided on an innovative debt program that works for them. Why not consider being one of the thousands more that will sign up in October?

 

 

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