If you’re feeling overwhelmed by student loan debt, you’re not alone. The Federal Reserve Bank reports that outstanding student loan debt in the U.S. now exceeds $1.5 trillion, with the average debt per student topping nearly $28,000. Moreover, borrowers are defaulting on these loans at a rate of 11.5 percent. In the process, they are putting their financial futures in jeopardy.
Student debt payments make it difficult, if not impossible, to save for a new vehicle or a home, and retirement remains a far-off dream. Many fear they will never be free from these obligations. This fear is not unwarranted. The Consumer Financial Protection Bureau reports that, since 2007, the number of consumers paying down student loan debt into their 60s has quadrupled.
Student loan merchant accounts offer the student loan doc prep industry to electronically process payments from clients for their services. Processing can include credit cards, debit cards, value-added cards, and high-risk ach processing. Companies charging a monthly payment plan should consider adding a recurring billing module, to automate their processes and reduce overhead.
Who Needs Student Loan Merchant Accounts?
If you have several federal student loans, you may consolidate them at StudentLoans.gov. There is no application fee, and the process only takes about 30 minutes. The result will be a single payment that will be less than the combined total of your previous payments, as your new interest rate will be an average of your original rates.
However, this service is for federal student loans only. If you hold student loan debt from a private lender, you will need to turn to the private sector for help in consolidating your loans.
Every student who has taken a loan for their education worries about paying it back on time. Though there are many loan forgiveness programs and other options to help out the struggling students, many do not opt for these. Due to lack of information and convenience, many students default their payments without realizing they are getting into bigger trouble.
If you are in the business of providing student loans, you are well aware of the complications involved in collecting back the money. And most of the times, the student wants to extend or consolidate their loans. When hundreds of students are making a number of card payments towards their loans, it is quite a task to handle all the transactions. With our merchant accounts, the students can make their payments with ease and not worry about cash or credit payments.
Premier One Payments aims to promote the companies and businesses that strive to make these students’ lives easier. We aid in reducing the burden on the student. Modifying a student loan is not an easy task as there are many formalities involved. A student can opt to get an extension on their loan term, reduce the interest rates or consolidate all the loans into one by taking out a fresh loan at an affordable interest rate.
- Secure Online Application.
- Dedicated to assist you get approved.
- Fast Approvals with 99% Of Accounts Approved.
Apply Today for Your Student Loan Relief Merchant Account
Having a card processing solution that keeps your top interests in mind lets you get back to concentrating on what’s most important and that’s your business. Premier One makes it simple to set up a student loan merchant account. All transactions are run safe and secure so you will have a lower risk of fraudulent occurrences that end up costing you more! Contact Premier One today and speak to a Student Loan Relief merchant account specialist for more information.
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