Ah, it was just a summer fling. Amazon and Wells Fargo gave an unceremonious kiss-off to their student loan hookup this week, which would give Amazon Student Prime subscribers a 0.5% discount on student loans from the San Francisco-based financial behemoth. No one knows why the pair went their separateRead More
Post Tagged with: "student loans"
As part of a broader digital-first strategy, Radius Bank partnered with Gradifi, a Boston-based startup, to launch a new MasterCard debit card that will help members reduce student loans. The new debit card will be available in the fall, the company said this morning. Here’s how it works: costumers willRead More
Millennials hate credit — but a new service called Lenny is out to change that. Lenny is meant for mobile (of course) and launched today in California. It will reach Texas, Florida and New York in the next 10 to 12 months, according to the company, which claims that, in less than threeRead More
Fintech companies don’t want to disrupt banks anymore — that’s so 2012. Now it’s all about partnering, right? Not so fast. Social Finance, known as SoFi, DOES want to disrupt finance. It wants you to divorce your bank, and join CEO Mike Cagney and company at the unBank. “Your bankRead More
This week’s startups to watch take on financial aid for education and optimized hardware for bank operations. Principly – Principly sims to bring modern sensibilities to the traditional concept of a college fund. Its stated mission is “to make college a reality for more kids by empowering families to save smarter andRead More
Sallie Mae, the leading student loan provider, recently announced it expects to spend $70 million to address issues raised by government and regulatory agencies about its lending practices. Based on our ongoing analysis of the Consumer Financial Protection Bureau (CFPB) complaint database, this expense came as no surprise to Beyond the Arc. Sallie Mae could […]
CFPB Data Analysis Update
With the expansion of the Consumer Financial Protection Bureau’s (CFPB) complaint database, companies are now able to examine consumer complaints for seven different product areas, including student loans. In the CFPB’s 2013 mid-year summary of student loans, they analyzed about 2,000 student loan complaints filed between October 2012 and March […]
The Financial Brand recently published an article by Brandon Purcell, Data Science Team Lead at Beyond the Arc, about the actions that student loan giant Sallie Mae could have taken to avoid increased oversight by the Consumer Financial Protection Bureau (CFPB). The article points out that if Sallie Mae had monitored and analyzed its customers’ […]
Wells Fargo & Co. has turned to a character named Mr. Fellows to educate students about paying for college in a series of somewhat wacky videos. Getting to class and finishing assignments is less of a problem for today’s students than dealing with debt. The average graduate enters the job marketRead More
The Department of the Treasury today awarded $2,500 to six people for their winning ideas for new financial services applications. The winning ideas were more focused on helping consumers spending money more wisely than prudently managing their finances.