A staggering 45 million Americans have student debt.
Today, 70 percent of American graduates have student loans.
While the world battles the COVID pandemic, Americans have a student loan and debt epidemic waiting right behind. I had no idea that 40 percent of the US government’s balance sheet is student loans.
Meet Bobby Matson, founder of Payitoff.io whose API first product product gives any financial app ‘student loan superpowers‘. With their API, you can empower customers to automatically assess and address their student debt—freeing up cash they can save, invest and spend. This is a perfect time as Bobby says to get the student loan conversation going.
Bobby and his wife had six figure debt like many young Americans and it was holding them back from starting a family. Monthly payments were equal to their rent. Bobby solved their problem navigating a maze of options saving $70,000 and friends started to ask and it led to Bobby founding Payitoff.io. Here is their founder story.
The mission – lack of information is the college loan problem and Payitoff provides the transparency that is lacking for borrowers.
As Bobby explains in today’s ‘Panic With Friends’:
BORROWERS HAVE DIFFERENT OPTIONS!
Just to start their are many income driven options and various deferment options in times of hardship.
Here is the full podcast with Bobby (you can also get it on Apple podcast and Spotify if you search my name). I urge anyone with student debt and the parents of those with student debt to listen to the podcast and forward this episode to friends and family you know have student debt.
The Department of Education has issued a response to the COVID-19 crisis and Bobby wrote this for people in response to explain what it means for you.
You can continue to follow Bobby and stay on top of the industry on Twitter.
Full disclosure – Social Leverage is an investor in Payitoff.io