Technology platform FutureFuel.io announced a collaboration with global payments provider Fiserv that will enable banks and credit unions to bring the FutureFuel.io student loan repayment platform to consumers, according to a Wednesday (Oct. 13) press release.
As the emergency federal student loan payment suspension expiration on Jan. 31 draws near, FutureFuel.io is looking at the Fiserv partnership to reach more consumers who are still repaying their student loans. The platform works to devise a personalized approach to student loan repayment based on the user’s needs, whether it be to lower monthly payments via federal income-driven repayment plans or pay debt down faster.
FutureFuel.io uses machine learning technology steeped in behavioral economics to help borrowers decide how to pay off their student debt while also saving for the future. On average, borrowers who use FutureFuel.io to enroll in federal repayment plans reduce their monthly payments by $326, according to the announcement. To date, FutureFuel.io has saved an estimated $38 million for its users.
“Paying down student debt is one of the number-one priorities of young customers, and their parents, in our market,” said Susan L. Shields, president and CEO at The Milford Bank. “FutureFuel.io and Fiserv are providing our customers with an intuitive and effective way to focus on financial wellness and reduce debt, and we’re proud to enable those goals with a digital-first experience in collaboration with Fiserv.”
Helping borrowers repay student loan debt is particularly important as the economy continues to recover from the financial impacts of the pandemic. As PYMNTS reported previously, U.S. taxpayers could absorb a hit of about $435 billion from borrowers’ failure to repay student loans. An analysis by the U.S. Department of Education and two private consultants determined that borrowers who owe a combined $1.37 trillion in principle and interest will repay approximately $935 billion.