Last month, Newtown Square-based PayForEd launched a software program that helps recent graduates navigate their student loans, write Erin Arvedlund and Bob Fernandez for the Philadelphia Inquirer.
The need for a tool like this is clear. In America, students default on a college loan every 28 seconds, with the number of those forced into defaulting growing each year.
It is now expected that, over the coming decades, more than 23 percent of undergraduates could end up defaulting on loans issued this year. Some economists put that number as high as 40 percent.
This is felt most in Pennsylvania, where graduates rank first in the country for student debt with an average of $36,193.
The software program launched by PayForEd provides a tool for financial planners to help people find the best option for repaying their student loans.
“It is the first student loan repayment tool that helps recent graduates, married couples, and engaged couples navigate their various student loan repayment and forgiveness options,” said PayForEd founder Fred Amrein. “Most people don’t realize there are over 126 combinations of repayment options for a single person and a married couple.”
Read more about PayForEd in the Philadelphia Inquirer by clicking here.