Across the US, outstanding student debt has more than tripled over the past decade, impacting the daily lives and financial health of 45 million borrowers. We know this is a time of financial uncertainty for many Common members, and we wanted to find a way to help our members make the best choices possible with their money.
Starting today, Common has partnered with Summer, the leading resource in student loan support, to help our residents lower their monthly payments and have more cash on hand. Summer will be included in Common membership and available to all Common current and future members for free.
Summer helps borrowers simplify and save on their student debt. They partner with a range of organizations to provide borrowers in their communities with access to cutting-edge tools that assess loan repayment options and provide a dedicated team of student loan advisors. We caught up with Summer’s Head of Partner Impact, Ella Saunders-Crivello, to talk about how Common members can benefit from this new partnership.
How does Summer work?
Summer’s mission is to improve the financial health of individuals across all income levels. Many of us are borrowers ourselves. I’m still paying off my undergraduate loans from a decade ago. We know what it’s like to deal with the stress and frustration that comes with debt because we’ve been there. Summer works as a trusted advisor for all of your student debt needs.
Once you sign up, we will look at your unique loan situation, and check different savings and forgiveness programs to confirm which ones you’re eligible for. With Summer’s tools, you can compare your monthly payment options and decide which programs best fit your goals. Once we’ve identified the best plan, you can sign up and submit everything, all online. It’s super easy. Plus, Summer double-checks every single form and has a team of student loan advisors on call to help you avoid costly but common mistakes.
What do Common residents need to do to start saving money?
If you live in a Common home, all you have to do is sign up (for free!) here though your dedicated portal, go to the Connect app or contact us for the member access code. We know this is a time of financial uncertainty for many members of the Common community, and being able to lower your monthly student loan payment with Summer can help free up cash for household essentials and other expenses.
Why are you excited about partnering with Common?
We are especially proud to expand what it means to be a partner organization at Summer with Common. Your team is uniquely situated to creatively support its residents in a time of immense financial stress for many Americans. We are proud that our organizations are coming together to prove that student debt is a burden their residents do not need to carry alone.
What’s one thing anyone can do right now to start saving money on their student loans?
There have been several recent policy changes that have impacted student loans at the same time that many borrowers are experiencing changes in income. It can certainly feel hard to know how to take action in these changing circumstances. Our team is tracking every single detail and rule change so our users don’t have to worry.
For those who recently lost a job or had a reduction in income, there is the option to enroll in an income-driven repayment (IDR) plan that could lower your monthly payments to as low as $0. You can see if you’re eligible for IDR as well as other loan repayment and forgiveness plans with Summer.
While each borrower situation is unique, we’re committed to helping borrowers know they are not alone in navigating the maze. Our tools will assess your unique financial situation and provide customized recommendations to ensure that you are on the right path both today and well into the future. We’re always happy to help answer any other questions over live chat and can be reached at support@meetsummer.org.