For many students, student loans are a part of the college experience: 43% borrow (or currently borrow) federal student loans and 12% borrow (or currently borrow) private student loans, according to the College Ave Student Loans survey of 1,019 undergraduate students conducted by Barnes & Noble College InsightsSM. Of those borrowing, only half (49%) feel confident they can repay their student loans.
While the majority of students that borrow (86%) understand taking out student loans means they will repay more than they borrow, only about 1 out of 3 (37%) fully understand the financial terms associated with them. More than two-thirds (69%) do not know what the monthly amount will be on their first student loan bill.
“Our survey highlights that though student loans play a significant role in helping students achieve their college degree, more can be done to help educate students on responsible borrowing,” said Joe DePaulo, CEO and Co-Founder of College Ave Student Loans. “Through our clear and helpful online resources and calculators, College Ave Student Loans strives to make student loans as simple and easy-to-understand as possible and help students understand their monthly payments when they graduate.”
The College Ave Student Loans survey also finds that students expect to take on most of the responsibility of repaying their student loans. More than half of students (55%) plan to pay back their loans without help from parents. And, college students graduating with student loan debt are motivated to enter the workforce. More than half (58%) say this will motivate them to land a job faster. Nearly half (43%) will look for a job where student loan repayment is part of the benefits. And, around 1 in 3 (36%) plan to work two or more jobs to help them pay off their student loans.
Borrowing for college can be a confusing process that can leave students with a financial responsibility for the years to come. To help students who plan to borrow for the upcoming school year, DePaulo offers the following tips to help families borrow smart:
- Borrow federal loans first. Federal loans in the student’s name offer certain protections and benefits – such as income-driven repayments and public service forgiveness – not typically offered with private loans.
- Don’t borrow more than you expect to make in your first year of your professional career. By doing so, you help ensure your student loan payment vs. income ratio is kept at a reasonable amount.
- Be aware of automatic deferment. Some loans, such as federal, automatically defer payments while you are in school. But paying down loans while in school – even as little as $25 a month – can help you save money over the long run. Check your repayment for each loan, and if you can afford to, ask your student loan servicer how to make payments on your loan while in school.
- Make sure there are no additional fees. Some loans come with origination, application or even early repayment charges – extra fees that College Ave Student Loans does not charge its borrowers. Make sure to read the fine print and ask your student loan servicer if you are unsure.
- Apply with a co-signer that has strong credit. Applying for a private student loan with mom or dad? Choose the parent with the strongest credit score and history who can help you net the best interest rate possible. One easy way to check what rates you can expect without pulling a credit report is with the College Ave Student Loan Credit Pre-Qualification Tool.
- Sign up for automatic payments. Planning to start paying off your student loan while in school? Consider signing up for automatic payments. You’ll often get a discount on your interest rate when you’re making automatic payments, and you’ll know that your payments are being made on time each month. Not all student loan servicers offer this benefit – make sure to ask.
SOURCE College Ave Student Loans
Credorax Partners With Cisco to Boost Payments Gateway to the Next Level
Today, Credorax announced that it has partnered with Cisco to upgrade its data-center network’s capabilities, capacity and latency. The agreement enables Credorax to adopt Cisco’s advanced data-center networking technology, including an automation, visibility and management system. Credorax has also agreed to beta-test Cisco’s advanced and future monitoring and management products.
Credorax’s system is already considered one of the fastest in the world with its cutting-edge high throughput, low latency, and multi-continent redundancy, and Cisco’s technology will allow Credorax to push the envelope even further in terms of decreasing transaction latency and increasing throughput. Cisco’s software solution for centralized management and monitoring of network components will play a significant role in Credorax’s solutions, simplify their roll-out of new products and reduce ongoing cost of ownership.
As a licensed merchant acquiring bank, Credorax helps merchants accept payments easily with its recently launched Source gateway. The platform offers telecom-grade (99.999%) availability for processing payments as well as a host of payments products and services, including cards and alternative payment methods, hosted payment pages, advanced KYC screening, smart fraud solutions, and sophisticated business intelligence and data tools.
Cisco is at the forefront in building the network platform that can now deliver a connected, autonomous, and programmable digital platform for Credorax customers.
Cisco-Israel General Manager, Oren Sagi said about the collaboration: “Cisco is committed to do its utmost to provide its customers with the most innovative technologies while maintaining uncompromising quality. We are excited to collaborate with Credorax and help them develop the fastest and most reliable payments gateway possible. I am confident that this project is the first milestone for a successful cooperation between the two companies.”
Moshe Selfin, Credorax CTO & COO stated: “We’re thrilled join forces with Cisco. We have always strived to provide best-class service to our customers, and are confident that by incorporating Cisco’s network platform for data capacity and processing speed into our NextGen payments and acquiring platform, we are offering our merchants the best technology on the market.”
In an era of demanding customers and changing expectations, e-commerce merchants simply can’t survive without the best-in-class cross-border payments processing capabilities. Being both a technology company and an acquiring bank, Credorax has built a full suite of NextGen products and services to help merchants grow their business online. And now with Cisco’s support, Credorax has augmented its offering even further.
MetricStream Wins “GRC Product of the Year” at the 2019 Risk Technology Awards Hosted by Risk.net
MetricStream, a market leader in governance, risk, and compliance (GRC) apps and solutions, announced today that its Enterprise GRC Solution has been awarded the “GRC product of the year” at the 2019 Risk Technology Awards, hosted by Risk.net.
“We’re honored to win this award,” said Gaurav Kapoor, Chief Operating Officer, MetricStream. “We believe that it validates the strength, breadth, and depth of our GRC/IRM offerings, as well as our focus on continuous innovation—reflected most prominently in our GRC cloud, advances in predictive analytics, automation, and AI. Our mission is to enable organizations to ‘Perform with Integrity™’. To that end, we’re deeply committed to forging long-term partnerships with our customers and supporting them throughout their integrated GRC journeys.”
The annual Risk.net awards recognize the need for innovative technology solutions to manage risk in a highly dynamic and complex business environment. The average financial services firm faces a plethora of risks, ranging from cyber threats and regulatory pressures, to fintech related disruptions and money laundering issues. As these risks grow more interconnected, siloed approaches to GRC are rapidly giving way to more integrated solutions.
The MetricStream Enterprise GRC platform provides a single, unified system to manage, coordinate, and track multiple types of GRC activities. The solution cuts across organizational silos, enabling a holistic and collaborative approach to GRC. Users can efficiently roll up operational risk, audit, compliance, Cyber and third-party risk information from across the enterprise, and transform it into actionable business intelligence to support decision-making. With support for mobility, real-time reporting, advanced risk analytics, and regulatory notifications, the MetricStream solution helps users manage complex risk requirements in an efficient manner.
Top industry analysts have consistently recognized MetricStream as a leader in GRC/IRM. The company’s wide range of solutions and underlying GRC platform are leveraged by leading financial services firms worldwide, including large global banks, mid-sized banks, private equity investors, investment banks, wealth managers, insurance firms, asset management companies, federal financial agencies, and clearing corporations.
MPOWER Financing rated Top international student lender by Nerdwallet and U.S. News
MPOWER Financing, a mission-driven fintech that provides financial access to higher education for high-promise international and DACA students, was recognized by both Nerdwallet and U.S. News & World Report as the top student loan provider for international students.
Nerdwallet, a comparison website for personal finance products, awarded MPOWER a 5-star rating for its student loans, indicating that its products are “among the very best for consumer-friendly features.” Nerdwallet also commended MPOWER for offering loans that are “ideal for international and DACA students without a co-signer or U.S. credit history.” MPOWER’s loans are available to students from around the world for both graduate and undergraduate degrees at more than 350 top universities in the U.S.and Canada.
U.S. News & World Report recognized MPOWER Financing as the “best lender for international students.” This determination was made on the basis of MPOWER’s product offerings, cost, customer servicing ratings, eligibility, and other features. U.S. News also detailed that MPOWER’s underwriting process considers a student’s academic success and career path – a process that is enabled by MPOWER’s use of big data analytics and artificial intelligence.
“I was having a tough time obtaining education loans from India without collateral,” wrote Kaushik Krishnan, one of MPOWER’s early students. “MPOWER was truly life changing for me. I’ve since graduated from my Masters program, found a job, and paid off my loan.”
“MPOWER allowed me to achieve my dream,” said Sol Bee, a South Korean student. “I was admitted to Berkeley in Fall 2016, but I couldn’t afford it at the time. MPOWER empowered me to be who I wanted to be by allowing me to take control of my finances and my life.”
“We’re honored by the industry recognition we’ve received, and the hundreds of heartfelt stories we get from students whom we have the privilege to serve,” says Manu Smadja, Co-founder and CEO of MPOWER. “We’re working hard to further improve our customer experience and to remain the best international student lending product on the market.”
MPOWER Financing, headquartered in Washington, D.C., and with offices in Bengaluru, New York City, and Toronto, is a mission-driven fintech company and provider of global educational loans. It is the only student lender in the world that leverages both overseas and domestic credit data, as well as future earning potential, to serve high-promise international and DACA students. MPOWER Financing works with over 350 top universities and colleges across the U.S. and Canada to provide financing to students from over 200 countries. Since 2014, it has received over $1B in loan application volume on its platform. MPOWER Financing helps students build their credit histories and provides them with personal finance education and career support to help prepare for life after school. The team is backed by Zephyr Management, Goal Structured Solutions, Gray Matters Capital, Lloyd Crescendo Advisors, 1776, Village Capital, Potentia, Breega, VARIV, DreamIt, Fresco, Chilango, Common Sense Fund, K Street, and University Ventures.
SOURCE MPOWER Financing
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