Steady’s partnership with Summer reduces student debt
ATLANTA, September 15, 2020 (GLOBE NEWSWIRE) – In June, Constant, a platform solely focused on advice and advocacy for working Americans to increase their incomes, and Summer, the leading resource for borrowers to simplify and save on student debt, has partnered to help Steady members improve their financial health in 2020. Today, Steady and Summer reported that more than 1,000 members participating in the initiative reduced their average monthly student loan. payments of $ 151, bringing the projected individual savings to an average of $ 24,000. The initiative’s top 10 savers are reducing their student debt by between $ 40,000 and $ 150,000 per year, and together the Steady community is expected to save over $ 27 million in repayment.
Regarding Steady members:
- They carry an average student loan burden of $ 33,100, including federal and private student loans. Yet during the COVID-19 crisis, stable members will earn an average of $ 13,900 in income in 2020
- 92% say they have difficulty making their monthly student loan payments
- Only 25% of summer reports are fully covered and eligible for the protections and benefits of student loans provided by the federal government’s CARES Act.
The summer partnership
While Steady recognized the importance of the initial suspension of student loan payments enacted by the CARES Act, the legislation had two major flaws: First, millions of borrowers had to continue to repay private student loans and FFEL and Perkins loans. owned by companies. that were excluded by the bill, and second, the payment freeze was only extended for several months as the financial hardships of millions of borrowers will continue well into the future.
“I feel a great sense of responsibility towards our over 2 million members, to make sure they are able to weather the difficult times we live in,” said Adam Roseman, CEO of Steady. “As the economic data points to the potential for financial catastrophe for even the most prepared Americans, including our members, we at Steady have started to think creatively about how best to support them. Steady is akin to an association defending American workers, so when it comes to increasing member incomes, we have valuable levers. Where we see we can make a difference for our members, we will, which is why we launched Stay together earlier this year. One of the first discussions we had was with our friends at Summer and their CEO, Will Sealy. Today, Steady members who take advantage of Summer are saving an average of $ 24,000 over the term of their student loan.
How does summer work?
Summer gives student borrowers access to cutting-edge tools and a dedicated team of advisors to help them find, compare, and enroll in loan assistance and forgiveness programs. For example, by applying for an Income-Based Repayment Plan (IDR), borrowers who are unemployed or have suffered a significant pay cut might be eligible for a monthly payment of $ 0 or significantly less. Borrowers like Kaleigh of Florida, the unemployed mother of 2 who, due to her loss of income, is able to reduce her typical monthly payment of $ 141 on her $ 13,000 loan, to $ 0 for the 12 next months. Each year, Kaleigh’s ability to begin repaying her student loans will be reassessed by the Department of Education, linking her payments to her income level. This program has been incredibly helpful in helping people like Kaleigh succeed as they navigate the economic crisis for themselves and their families.
“The economic downturn continues to pour gasoline on the fire for millions of student loan borrowers who have long struggled to cover high monthly payments,” said Will Sealy, CEO of Summer. “Steady understands that anything that can create financial stability in times of turmoil has a long-term impact.
Learn more about Steady Together:
“Steady is grateful to partners like Summer, who help make initiatives like Steady Together possible,” said Adam Roseman, CEO of Steady. “As the United States continues to add one million new jobless claimants every week, Steady intends to move forward with Steady Together which has provided members with over $ 2 million in grants in emergency and growing species. We will look for ways to complement the free medical support we provide to all of our 2 million members through free telemedicine subscriptions and we will absolutely explore a myriad of new and different ways to support our members as they go. get through this economic crisis and protect and rebuild. their financial future.
A B Corp certified company, Summer is the primary resource for borrowers to simplify and save on student debt.
Launched in 2018, Constant puts the power of worker-centric data and technology tools in the hands of its members to help them solve their growing income problems caused by wages not keeping up with the cost of living, reducing available work hours among employers because of their driving efficiency, and future job losses due to automation. With Steady, it’s easier than ever for workers to close income gaps, gain insight into income, and improve overall financial well-being. To date, over 2.1 million workers have signed up as Steady members.
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