Deposit Growth Estimator

With the resumption of federal student loan payments, a tidal wave of $18 billion in monthly payments exited bank accounts across the United States. Payitoff helps banks stabilise and potentially grow deposits while helping borrowers save money on their monthly payments.

Payitoff have developed this tool to allow banks to estimate the amount of savings your customers could achieve on student loans using our embedded debt guidance solutions, and the subsequent potential growth in deposit holdings as a result of student loan repayment savings.

Interested in learning how you can grow your deposit levels, while increasing your customer engagement and amplifying your outcomes?

Disclaimer:

Calculations provided for deposits and remaining payments are estimated and actual savings may differ from these estimated numbers. All calculations herein are strictly for informational purposes only and not professional advice. Factors like interest rates and individual circumstances can affect actual savings and amounts.

Estimations are based on the following metrics:

  1. Est. customer with student loan debt calculation based on Federal Reserve 2020 data that 30% of all adults said they incurred at least some type of debt for their education. Source: https://www.federalreserve.gov/publications/2021-economic-well-being-of-us-households-in-2020-student-loans.htm

  2. Est. number of customers who benefit from federal plans calculation based on Payitoff proprietary data showing that 67% of Payitoff users benefit financially from different federal options.

  3. Est. monthly borrower savings, and therefore bank deposits remaining in-bank, based on Payitoff figures that show that the average borrower has saved $323 per month* on their student loan repayment

  4. Annual extrapolation of figure (3)

*Disclosure: Represents actual average savings of all borrowers who used Payitoff and qualified for a federal repayment plan. The sample is based on an aggregated set of data representing over $1.5 billion in loan volume across 215,000+ loans on the Payitoff platform.