Cutting interest rates on student debt
Wells Fargo has launched a loan modification program for student loan customers who are delinquent on their loans or facing a new financial hardship.
The bank’s John Rasmussen estimates, 600 to 1,000 borrowers will qualify to have their interest rates cut by the end of 2015. He says the company wants to have long-term relationships with its customers.
Kevin Jacques, a professor at Baldwin Wallace University, says the program makes financial sense, too, since it may mean borrowers will continue to make payments instead of defaulting.
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