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.
For more on this story, click the media player above.
If you’re a member of your local public radio station, we thank you — because your support helps those stations keep programs like Marketplace on the air. But for Marketplace to continue to grow, we need additional investment from those who care most about what we do: superfans like you.
Your donation — as little as $5 — helps us create more content that matters to you and your community, and to reach more people where they are – whether that’s radio, podcasts or online.
When you contribute directly to Marketplace, you become a partner in that mission: someone who understands that when we all get smarter, everybody wins.