NEW YORK, August 31, 2022–(BUSINESS WIRE)–Candidly, the market’s leading student debt management platform, today announced its Federal Forgiveness Finder, which enables borrowers to determine how much loan forgiveness they are eligible for under the student loan relief plan announced by President Biden on August 24, 2022.
Candidly’s digital tool sets the industry standard in providing a personalized estimate of how much forgiveness a borrower can expect to receive. Distributed via financial services giants that serve the workplace and banking sectors, including Fiserv, UBS, and Vanguard, Candidly provides millions of employees and retail banking customers with guidance and information at this critical time. Its Federal Forgiveness Finder can be embedded into third-party applications via widget, integrated via APIs, or launched with a simple SSO to a branded solution for an even lighter product lift, getting 3rd parties to market same-day.
Candidly bases its forgiveness estimates on the borrower’s household income and an analysis of their federal student loan data, which includes a real-time search for evidence of Pell Grant receipt. Candidly then surfaces a personalized estimate of the forgiveness amount borrowers can expect to receive. The end-to-end experience takes less than two minutes. While the Department of Education has not yet released the application for forgiveness, Candidly will alert users as soon as it is available and they can take further action to complete and submit the application, which will include integration of income verification.
Though Biden’s announcement last week was met with relief and joy by millions of borrowers, it has also left people seeking answers to many questions, including how much relief they will receive, when, and what they will need to do to claim it. There is enormous pressure and preference for digital experiences among borrowers seeking information, guidance, and high confidence forgiveness. Candidly saw an 875% increase in logins the day of the announcement and will continue to serve borrowers as a trusted source of information and guidance in a dynamic environment.
"Based on consumer behavior, it is clearer than ever that borrowers are looking for answers via personalized digital experiences, just like they do in many other aspects of their financial lives," said Laurel Taylor, Founder and CEO of Candidly. "Our user-friendly digital capabilities were made for this moment and present a critical opportunity to use modern technology and infrastructure to help borrowers claim their relief, and provide hard-working Americans with the clarity and confidence they need to move forward and into greater financial freedom."
In addition to the new functionality announced today, Candidly also guides borrowers to take immediate action to prepare for upcoming deadlines, including the expiration of the limited-time PSLF waiver on October 31, 2022. Candidly uses data science to match borrowers to their optimal loan strategy, guiding, automating, and streamlining the PSLF application process for eligible borrowers, as well as their employers. Despite being in repayment for an average of 7 years and eligible to apply, 80% of users who apply for PSLF through Candidly are first-time applicants, further evidencing the essential role of digital experiences to reach, inform, and automate a system that is easily fraught with breakage in the path to forgiveness.
Candidly also helps users discover, select, and enroll in the most appropriate income-driven repayment (IDR) plan based on their own unique circumstances. This will include the newly-proposed plan announced last week, as soon as it is available. On average, Candidly users who qualify for an IDR plan save $358 per month. This capability is critical to borrowers who will be entering repayment for the first time in almost three years come January 2023.
According to Biden's announcement, all federal student loan borrowers whose annual income is less than $125,000 (for individual borrowers) or $250,000 (for married borrowers or heads of households) are eligible to receive up to $10,000 in debt forgiveness. That amount increases to $20,000 for borrowers who are Pell Grant recipients. In addition, the Department of Education’s newly-proposed IDR plan will cap monthly minimum payments for undergraduate borrowers at 5% of discretionary income, and forgive loans with an original balance of less than $12,000 after 10 years of payments. This is, by far, the most forgiving IDR plan introduced to date, and will provide eligible borrowers with a sustainable go-forward plan in 2023 and beyond. President Biden also announced that the moratorium on federal student loan payments would be extended for a final time until December 31, 2022.
About Candidly
Candidly, formerly FutureFuel.io, is an AI-driven student debt and savings optimization platform that addresses the full lifecycle of education expenses and empowers people to make simultaneous progress on paying down student debt and building wealth. Candidly partners with leading employers, and financial services companies serving the workplace like 401(k) and 403(b) record keepers, financial institutions, retirement plan advisors, and more, to embed its experience anywhere a user works, banks, or experiences financial services. The platform supports flexible integration options and multiple branding options including white labeling and co-branding.
Candidly understands that education is one of the largest investments most people will make in a lifetime — whether for themselves or their children. Candidly brings compassion, authenticity, and confidence to Americans as they navigate their higher education pursuits — past, present, and future. Candidly is backed by leading venture capital and strategic investors including Aflac, Equal Opportunity Ventures, Impact Engine, Rethink Impact, Salesforce Ventures, UBS, Unum, and Vulcan Capital. For more information, visit www.candid.ly.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220831005777/en/
Contacts
PR
Gravitate PR for Candidly
ca******@gr*********.com
” class=”link”>
ca******@gr*********.com
A “superbubble” appears dangerously near its "final act" after the recent rally in U.S. stocks lured some investors back into the market just ahead of potential “tragedy,” according to Jeremy Grantham, the legendary co-founder of Boston-based investment firm GMO.
My rent is $850/month that I split with my girlfriend, and I do not have a car payment or credit card debt. So that might mean that if you believe it will cost $500,000 to buy the home you want, you might want to want to put down at least 20% to avoid mortgage insurance, which means you’d need to save about $100,000 over and above your emergency fund.
A summer U.S. stock-market rally off lows for the year seen in June shuddered to a halt in August, leaving major indexes on track for monthly losses as investors braced for the start of a traditionally unpleasant month for equity bulls.
“If history repeats, the play will once again be a Tragedy. We must hope this time for a minor one,” famed investor Jeremy Grantham warned this week.
It should be obvious that billionaires don’t accumulate wealth by accident. Their success is predicated on observation and savvy investment, and a privileged background helps. Billionaires like Microsoft Corp. co-founder Bill Gates likely saw an opportunity for land investment to return tenfold, by way of food shortages, well ahead of time. So it should be no surprise that the real estate investing platform Arrived Homes, backed by Amazon.com Inc. founder Jeff Bezos is taking off. He had the for
Nvidia Corp. shares fell in late trading Wednesday after the graphics-chip specialist disclosed that the U.S. government is seeking to restrict its data-center business in China.
Nio (NYSE: NIO) shares have been turbulent over the last month, and that continued Wednesday morning. Earlier this week, Deutsche Bank analyst Vincent Ha said his firm thinks Nio's third-quarter deliveries will be a little over 30,000 units. Investors may react again tomorrow, when Nio will report its August delivery numbers.
The Dow Jones fell amid weak new jobs data. A Warren Buffett stock took a tumble. BBBY stock cratered, with AMC stock also dipping.
With a total net worth of $137 billion, Indian-born Gautam Adani’s extraordinary wealth gain in 2022 has far surpassed that of any other billionaire, many of whom have seen their fortunes drop this year, according to Bloomberg’s running tally. The world’s richest, Tesla (TSLA) Chief Executive Officer Elon Musk, has seen a loss of $18.9 billion this year to bring his fortune to $251 billion, while Amazon.com’s (AMZN) executive chairman Jeff Bezos and No. 2 on the wealthy list, has seen his fortune tumble $39 billion this year, to $153 billion. Bloomberg reported that Adani, a college dropout, vaulted into the top three on Monday, the first time a person from Asia has made it that high into the rankings.
Investor concerns have yet to abate, with worries given some added impetus last week when Fed Chair Jerome Powell said bluntly that the central bank is not done raising interest rates – and that the next couple of years are going to hurt. In one way, this is good news, as it signals clearly that the central bank will concentrate on combatting the high inflation that is weighing down the economy, but it also dramatically increases the risk that the Fed’s moves will spark a recession. The immediat
September is historically the worst month of the year for equities, and there are more reasons than usual to worry about markets this year.
The chip maker says the restrictions may affect its ability to develop a new product on time and could force it to move some operations out of China.
Okta Inc. shares plummeted in late trading Wednesday after executives revealed the software company faced issues stemming from integration of the $6.5 billion acquisition of Auth0.
Nikola (NKLA) plans to issue up to $400 million new stock in an "at-the-market" offering as it aims to boost production amid rising costs.
DEEP DIVE There are different ways to select stocks based on dividends. An investor might look for companies paying high dividends, with the hope that payouts will keep rising. Or the investor might focus less on high current yields and more on consistent dividend increases.
The maker of Post-it notes and Scotch tape plans to eliminate jobs in a cost-cutting drive as its legal woes worsen, according to a report.
Futures fell as China export restrictions on Nvidia, AMD slammed chip stocks late. Here's what to do as the market rally teeters.
Making money in the S&P 500 got tougher again in August. But not impossible. All told, had you invested $10,000 in January and reinvested your money into the top stock currently in the S&P 500 each month this year, including Constellation Energy in August, you'd have $95,509 now, says an Investor's Business Daily analysis of data from S&P Global Market Intelligence and MarketSmith.
Nutanix (NTNX) delivered earnings and revenue surprises of 56.41% and 8.93%, respectively, for the quarter ended July 2022. Do the numbers hold clues to what lies ahead for the stock?
Thank you for standing by, and welcome to the C3 AI first quarter fiscal year 2023 earnings call. Thank you, and good afternoon, and welcome to C3 AI's earnings call for the first quarter of fiscal year 2023, which ended July 31, 2022. With me on the call today is Tom Siebel, chairman and chief executive officer; and Juho Parkkinen, chief financial officer.
About Author
