Student debt is a crushing burden for millions of Americans, totaling more than $1.6 trillion in the U.S. in 2020. The average student loan burden is $32,731, more than double what it was 20 years ago.
It also unjustly affects BIPOC communities. Twenty years after college graduation, the median white college graduate has paid off 94% of their student loan debt, while the median Black college graduate still owes 95% of theirs. It is a systemic failure that perpetuates socioeconomic inequality.
While the CARES Act provided a period of relief when it suspended federal student debt payment requirements (federal loans account for more than 90% of all student debt) for six months, that period is set to end on September 30, 2020.
That’s why we are proud to announce a new partnership with Summer, an online platform that helps borrowers simplify, reduce, and eliminate your student loans. As a benefit of Freelancers Union membership, you can create a free Summer account to:
- Assess and enroll in loan savings options such as forgiveness and refinancing
- Sort through and track your loan situation with easy-to-use online tools
- Lower your monthly payments even after the federal payment suspension is over
- Access a dedicated team of student loan experts to support you step by step
Summer’s unique platform searches hundreds of forgiveness options and can help all borrowers regardless of credit score, income, or age.
For those who have experienced a significant reduction in income lately, a federal Income-Driven Repayment (IDR) plan could reduce their payments to $0. Similar to online tax software, Summer’s digital platform can help members check their eligibility across IDR plans and facilitates the entire application process if they qualify. With Summer, you can see if you qualify, enroll online and have their expert team double check your forms all in one place.
Freelancers Union is committed to supporting freelancers at every step of their career. While we work on changing the policies that keep the self-employed workforce precarious, solutions like Summer are here to help improve your financial health right now.
When you’re ready to sign up for your free Summer account, click through here to get your access code. There's no cost to you, ever.