Presto Allows IonTuition Users to Apply Directly for Income-Driven Repayment Plans
IonTuition (ION), the revolutionary education technology company offering concierge-level support services and online student loan repayment tools for colleges, has officially launched Presto, a tool inside portal.iontuition.com to help borrowers find sustainable income-driven repayment plans.
The student loan repayment pause is expected to expire this summer. Federal student loan repayment has been paused for approximately 43 million borrowers since March of 2020 under the CARES Act. The initial repayment pause was intended to help Americans weather the financial fallout from the COVID pandemic and was due to expire after six months. The pause has been extended eight times under both the Trump and Biden administrations.
In the past year, the Department of Education (ED) has proposed several policy changes including a one-time cancellation of up to $20K currently in legal jeopardy, an expansion and consolidation to income-driven repayment plans, and a new financial aid application process. Moreover, four Federal student loan servicers have recently ended their contracts with ED and have transferred their portfolios to other servicers.
“We don’t expect the average student loan borrower to keep up with ED’s changes to student loan repayment policies and servicers,” said Brent Givens, Senior Vice President of ION. “That’s why users trust ION. We’re the experts on student loan repayment and that’s why our users continue to return to the ION portal. We guide them to the best repayment option for them.”
Presto is a new repayment planning tool available on ION portal. ION users were already capable of syncing their student loan data on ION to see aggregated totals and use their current balance, interest rates, income, and family information to explore repayment options based on new monthly payments and total repayment time. Presto now allows users to apply directly for the best income-driven repayment plan entirely through the ION portal. ION users will not need to contact their servicer, which will help them avoid long wait times.
This will be the first time in history that over 40 million Americans will all restart their repayment at the same time and wait times with servicers are expectedly going to be very high. Add in confusion over Supreme Court appeals, misinformation, and a rise in student loan repayment scams, having a tool like ION is financial stress lifesaver.
Schools and employers choose to partner with ION to help their students and employees manage their student loan debt and reduce their financial stress. ION users can apply for new repayment plans and speak with a live student loan repayment expert.
Contact sales@iontuition.com for more information about Presto and ION’s student loan repayment tools.