Student loan repayment may affect your business.

Source: The student loan crisis white paper, Shur℠, Equifax, and VantageScore®, July 2022.

What will be the day-to-day impact on student loan borrowers in your portfolio? Do you know the balance of your consumers’ outstanding student loans? If not, you could—and should—find out.

After more than a three-year pause, student loan repayment will soon restart. Beginning next month, over 43 million student loan borrowers will be expected to start chipping away at almost $1.5 trillion in federal student loan debt. That’s a lot of money!

The resumption of student loan debt payments should be on the radar for all lenders, not just those holding student loans in their portfolios. Cashflow—and the ability to meet debt commitments—will be an issue for many student loan borrowers.

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Total student loan debt is now a close runner-up to total outstanding auto loan debt; both make up a large percent of the total outstanding debt for U.S. consumers. Only mortgage debt is higher.

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Portfolio review insights will help you proactively answer these important questions and more:

• Which of my consumers has student loans with other lenders?
• How much student debt do these consumers owe?
• What is the student loan-to-income ratio for my consumers?
• How quickly can I respond to changes in my consumers’ financial situations once student loans are added to the picture?

I can help you determine how many of your consumers have student loans with other lenders, their outstanding balances, and more. You can’t afford not to know!