Fynn's benefits allow borrowers to stay on track when faced with financial hardships
NEW YORK, Aug. 29, 2023 /PRNewswire-PRWeb/ -- Fynn, a fintech lender providing private student loans for America's skilled workforce, today introduced significant expansions to its already industry-leading benefits to give trade student loan borrowers more flexibility on their repayment terms. Now all Fynn borrowers will have access to an extended initial grace period of six months after graduation and career support services that assist borrowers in their job search journey. These new additions expand the four core benefits that all Fynn borrowers already utilize: Payment Pause, Payment Reduction, Loan Forgiveness and Bankruptcy Protection.
The student loan debt crisis in the United States has reached $1.75 trillion dollars, making it an ever-increasing burden on American students. Fynn is one of the only trade student loan providers that gives students these types of benefits, providing relief when they need it most.
"Based on feedback from our post-graduation borrowers, we understand that they need more time to canvas for their desired job, so we are giving it to them and offering it to a significant portion of our existing borrowers," said Eric Menees, CEO and co-founder at Fynn. "We've also found ways we can provide further assistance to students in their job search and are giving borrowers additional access to our Career Support team. This team works with borrowers on everything from resume creation to scheduling employer interviews."
Fynn's existing benefits address a blind spot overlooked by traditional lenders. Unlike most primitive lending models that solely rely on a student's historical data to assess loan eligibility, Fynn considers the potential occurrence of adverse events in a borrower's life, such as income fluctuations and other variables, even after the loan has been granted. Fynn incorporates this new information into a borrower's loan repayment obligations, preventing borrower frustration and helping borrowers maintain a consistent repayment rate. This holistic approach better aligns Fynn with the borrower and better supports borrowers throughout their career growth. To accomplish this, Fynn offers a range of unique member benefits, including:
- Payment Reduction: Fynn borrowers have a built-in benefit to navigate unemployment or an unexpected reduction in hours or pay. Depending on the qualifying borrower's individual income threshold, Fynn will reduce their monthly loan payments by up to 20%. And if they make the reduced payments in full and on time, the borrower never has to pay back the portion that Fynn covered. There is no time limit on this benefit for qualified borrowers, so as long as a borrower works with Fynn to periodically recertify their income, they could make reduced payments for the entirety of their loan.
- Payment Pause: Fynn borrowers with depressed income can apply to pause their payments and interest for up to 12 months over the life of their loan. This allows Fynn borrowers to weather unforeseen life events preventing them from realizing their earning potential, like unemployment or major illnesses.
- Loan Forgiveness: If for any reason a Fynn borrower has not completed paying off their loan after 15 years, Fynn will forgive any outstanding balance outright.
- Bankruptcy Protection: Many student lenders will try to keep loans out of bankruptcy – effectively making student loans follow borrowers for the rest of their lives. Not Fynn. If a Fynn borrower decides that bankruptcy is the right path, they will support that journey, not make it even more difficult. We will not challenge the inclusion of a Fynn loan in valid bankruptcy filing.
Fynn currently provides loans to 270 different programs across the U.S., helping students at high-quality trade schools like ATDS Truck Driving School, Athens Institute of Allied Health, and Accession Distribution Training & Staffing. Since launching its flagship product in July 2022, Fynn has provided more than $14 million worth of financial assistance to students in need.
To learn more about Fynn, its loan options and benefits, please visit fynncredit.com.
DISCLAIMER: All benefits subject to terms and conditions, as outlined in each borrower's loan documentation.
About Fynn
Fynn provides a pathway to the American middle class through financially accessible loans for trade and vocational education. Flipping the traditional lending model on its head, Fynn underwrites students based on their future potential and aligns its interests with schools and students to fully support success from enrollment to employment. With Fynn as their financial partner, everyday Americans gain access to education that supports long-term financial stability.
Founded in 2019, Fynn went through Y Combinator and has since raised $36 million in funding from various investors, including Susa Ventures, a seed investor in Robinhood and Flexport. In 2023, Fynn's founders were recognized in the Forbes 30 Under 30 list in the Education section. To learn more, visit fynncredit.com
Media Contact
BAM for Fynn, Fynn, 1 832-515-2556, [email protected], fynncredit.com/
SOURCE Fynn
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