The Essential Bank Survival Guide to Navigate Student Loan Payment Resumption
On October 1, 2023, a seismic financial event hit – the resumption of federal student loan payments. It’s a phenomenon we called the “payment shock,” a tidal wave of $18 billion in monthly payments exited accounts and threatened to reshape the banking landscape. Whilst banks navigated this initial “hit”, maintaining deposit levels is something that always remains a focus. This whitepaper shows how banks can leverage tangible deposit growth and “bank” on their own resilience.
Introducing Our Whitepaper: "Navigating the Student Loan Payment Surge: A Blueprint for Banking Resilience"
In the face of the impending “payment shock” arising from the resumption of federal student loan payments, our white paper has outlined a strategic roadmap for banking resilience. Amidst all the strategic options to drive customer loyalty and deposit growth, a pivotal solution emerges – providing embedded debt guidance for the bank’s customers.
Our white paper unravels the potential consequences for banks and introduces a playbook designed not only to weather the storm but also harness its potential for transformative growth. Join the Payitoff team as they walk you through debt guidance implementation, from helping borrowers find their current servicers and embracing embedded debt guidance to facilitating debt payments and leveraging digital enrollments.
As the banking landscape evolves, the Payitoff team believes that the choice is clear -- to lead with resilience, innovation, and commitment to steering customers toward a future of financial empowerment and prosperity.
