Chipper, a social impact fintech company, has announced the launch of Explore, the first mobile feature designed to transform the way student loan borrowers in the US navigate the complex repayment process.
This free feature is Chipper’s most powerful tool yet, the company said, and furthers its “commitment to making expert student loan guidance available to all”.
Explore enables borrowers to get a personalised repayment strategy in minutes.
Using Chipper’s Core technology, borrowers can get a full 360-degree view of their current student loan situation, explore and compare over 120 repayment and forgiveness programs, and automatically enrol in eligible plans, without ever leaving the app.
In addition to its powerful technology, Chipper provides one-on-one support from student loan experts to help borrowers every step of the way.
“The current student loan system is broken”
On average, users who qualify for income-driven plans can lower their payments by $298 per month, and forgiveness eligible borrowers are on pace to erase over $80k with Explore.
Chipper Founder and CEO Tony Aguilar said:
“The current student loan system is broken. Borrowers are confused about their options and aren’t sure who to turn to for help. This lack of access and awareness has caused more than 70% of borrowers to be in a distressed situation
“Now with Covid-19, millions of borrowers are struggling, so we decided to do something about it. You shouldn’t have to qualify for refinancing or work for a certain company to get expert student loan advice and Explore is here to fix that.”
Transforming an antiquated industry
Student loan debt is one of the most prevalent financial issues in the United States, and Covid-19 is making it even worse.
The U.S. Department of Education reports that about 20% of borrowers are in default while millions more are behind on their payments. With more than 10 million student loan borrowers out of work, the likelihood of default only increases.
So while the Covid-19 relief measures implemented by the government provide temporary relief, payments are currently set to resume January 2021.