PROVIDENCE – Governor Gina Raimondo announced today that Summer, a social enterprise that assists student loan borrowers, is partnering with the state of Rhode Island to provide free student loan assistance for all residents financially impacted by the COVID-19 crisis.
As a certified B Corp, Summer is the leading resource for borrowers to simplify and save on their student debt––offering cutting-edge tools and a dedicated team of student loan experts to find, compare and enroll in dozens of loan assistance and forgiveness programs. Rhode Island residents can now access Summer’s digital platform free of charge to receive customized loan savings recommendations here.
While the U.S. federal government has taken the important step of pausing payments on all Federal Direct loans, millions of borrowers have continued to make payments on private student loans and commercially-held FFEL and Perkins loans that were excluded from the CARES Act.
Today, Governor Raimondo is announcing a partnership with Summer to provide Rhode Island borrowers with free access to Summer’s digital platform and team of student loan experts––ensuring more favorable repayment outcomes for those in need of assistance.
“I’m proud to announce Rhode Island’s partnership with Summer,” said Governor Raimondo. “We need to do everything we can to support those who are most at risk during these challenging times. We’re grateful for Summer’s generosity in helping borrowers enroll in loan assistance programs that can potentially free up thousands of dollars.”
Summer and Rhode Island’s partnership is directed at borrowers who have been financially impacted by COVID-19. The state’s Department of Labor intends to share Summer’s platform as a free resource for residents who have recently filed for unemployment insurance. Those among them with student loans can enroll in programs through Summer that reduce loan payments based on a status of financial hardship.
Borrowers who have experienced a significant reduction in income could be eligible for a $0 or very low monthly payment in a federal Income-Driven Repayment (IDR) plan. With the average borrower paying approximately $300/month on student loans, an IDR plan can result in an annual savings of $3,600––3x the amount of the $1,200 stimulus checks. Similar to tax software, Summer’s digital platform can help Rhode Island residents check their eligibility across IDR plans and facilitates the application process if they qualify.
“We applaud Governor Raimondo for providing Rhode Island borrowers with the support they need to tackle their student debt. In these challenging times, we know every dollar counts for critical needs such as food and medical supplies,” said Will Sealy, CEO of Summer. “With our digital platform and team of student loan experts, we’re working to ensure borrowers have a clear plan for managing their debt and reducing their stress.”
Rhode Island joins Connecticut as one of the first two states to launch a partnership with Summer as part of The $84 Billion Project, which represents the total amount of student debt still owed by U.S. borrowers across the United States this year that hasn’t been paused by the CARES Act.
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 2016 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®.
Gov. Raimondo: Audrey Lucas 401-649-1332
Summer: [email protected]