Trade School Student Loan FinTech Fynn Boosts Borrower Benefits
To provide more flexibility and support to trade school student loan borrowers, Fynn, a fintech lender specializing in private student loans, announced expansions to its benefits package on Tuesday (Aug. 29). These expansions aim to address the challenges faced by borrowers in terms of loan repayment and career support services.
One of the key additions to Fynn's benefits is an extended initial grace period of six months after graduation. This allows borrowers more time to search for their desired job without the immediate pressure of loan repayment. Fynn also offers career support services to assist borrowers in their job search, including resume creation and scheduling employer interviews.
"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 in the statement. "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."
The decision to expand these benefits was based on feedback from post-graduation borrowers who expressed the need for more time to find employment. Fynn recognizes the importance of giving borrowers the necessary support during this crucial period and aims to alleviate their financial burden.
These new additions complement the four core benefits that all Fynn borrowers already have: payment pause, payment reduction, loan forgiveness and bankruptcy protection.
Currently, Fynn provides loans to 270 different programs across the United States, assisting students at trade schools. Since its launch in July 2022, Fynn has provided over $14 million worth of financial assistance to students.
Data shows millennials and Gen Z consumers are mostly concerned about their ability to repay their student loans. Those generations stand to lose buying power when the student loan repayments kick in this fall.
The post Trade School Student Loan FinTech Fynn Boosts Borrower Benefits first appeared on PYMNTS.com.