September 20, 2019

Private student loan debt diminishes with new program

Sallie Mae, a private loan firm, reports that 56 percent of students who have taken out loans through the Smart Option Student Loan Program are beginning to pay back their debt while still attending school.

This new student loan program was established in 2010.  It offers an array of payment options and cash rewards for on-time payments, according to the financial news website, The Street.  Sallie Mae said they have paid out more than $2 million in rewards thus far.  Because of this, students are also building good credit.

Dann Adams of Equifax said delinquency rates for personal loans are down in every category — except student loans.

 

 

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