Summer announced today that it is teaming up with Steady to introduce student loan financial assistance to the millions of hourly and gig workers on their platform. Summer’s mission is to improve the financial health of individuals across all income levels. Steady’s worker population has been some of the hardest hit from COVID-19. Many hourly and gig economy workers now face an uncertain ability to earn a consistent income.
As a result of this financial crisis, Steady is ramping up creative ways to support workers who are looking to increase their incomes and do not benefit from employer specific benefits that provide workers with support in areas such as healthcare, retirement and tax. In partnership with Summer, Steady users with student loans will be able to access Summer to help lower their monthly payments and have more cash on hand. Despite these accruing disadvantages, many hourly and gig workers are still expected to make their student loan payments. While the U.S. federal government has taken the important step of pausing payments on all Federal Direct loans through September, 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.
“Equipping workers with modern tools like Summer to mitigate other financial pain points while working to ease the prospect of navigating uncertain employment waters,” Adam Roseman, Steady’s CEO explains, “provides every hourly and gig worker with a fighting chance to improve their financial lives without the added burden of crippling student loan debt.”
Borrowers who are either unemployed or have experienced a significant salary reduction could be eligible for a $0 or a low monthly payment in a federal Income-Driven Repayment (IDR) plan. A borrower with a monthly payment of $300 can save $3,600 this year alone—3x the $1,200 stimulus check.
“The economic downturn is adding gasoline to the fire for millions of student loan borrowers who have long struggled to cover high monthly payments,” said Will Sealy, Summer’s CEO “ We’re proud to work with Steady to help their members enroll in programs like income-driven repayment to achieve greater financial stability during the turbulence of this recession.”
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.
Launched in 2018, Steady puts tools into the hands of American workers to help them solve their increasing income challenges caused by wages not keeping up with costs of living, the reduction of available work hours at employers due to their driving efficiencies, and future job loss due to automation. Steady makes it easier than ever for workers to fill their income gaps, gain insights into their income, and improve their overall financial well-being. To date, the Steady app has been downloaded more than 2.7 million times.