Originally posted on the Freelancers Union blog.
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 Freelancers Union is 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 the union works 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 Summer account, click through here to get your access code here. There’s no cost to you, ever.
Summer is a student loan advisory service that specializes in enrolling borrowers into federal and state loan assistance programs to minimize their debt load. Summer’s digital platform is supplemented by a dedicated team of student loan experts that ensure each borrower receives the best possible guidance to become debt free. Summer is partnered with hundreds of employers, associations, and institutions to provide its financial wellness tools and resources to 3 million borrowers.
Summer was founded in 2017 by Will Sealy, a former student loan policy expert at the Consumer Financial Protection Bureau (CFPB), along with Paul Joo and Vincent Tran, in partnership with Yale University. Based in New York, Summer is a mission-driven Public Benefit Corporation and is a certified B Corporation®.
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Freelancers Union is the largest and fast-growing organization representing the 56.7 million independent workers across the country, giving their 490,000+ members a powerful voice through policy advocacy, benefits, and community.