There are countless areas that fintech has revolutionized how organisations make and accept payments, particularly cross-border ones (including U.S. student loan payments). The problem isn’t accessing these solutions, or using them, it’s hearing about them.
One niche that falls into this category is non-U.S. universities processing U.S. student loan payments – typically via a private lender, a public federal loan, or an army veteran loan. In our latest webinar, ‘The Faster Way to Process U.S. Student Loans’, our experts Aoife Walsh and Jonathan Church talked about how new solutions could save universities time, money and administration time by leveraging these methods, while also enhancing the student experience in the process.
Here, we break down the big takeaways from that session. To watch the full session, click here.
Number 1: The old system for processing U.S. student loan payments is broken
The traditional way of processing U.S. student loans via the correspondence banking system is cumbersome, expensive (for university and student), and time-consuming. As Jonathan Church explained, it’s based on centuries old infrastructure, especially when it comes to processing cheques.
Number 2: The inefficiencies come down to three basic things – speed, cost, and ease
No matter what lengths a non-U.S. university has gone to make the process easier, such as moving away from cheques and setting up U.S. bank accounts, they will still come up against problems. Aoife Walsh explains in more detail about why it’s such a difficult web to untangle.
Number 3: There is an alternative out there
Because of the infrastructure built by fintech’s over the last couple of decades, non-U.S. universities now have a genuine alternative to the traditional correspondence banking system. By utilising these local rails set-up by fintech’s, they can now process U.S. student loan payments quicker, at a lower cost and more transparently.
Number 4: The alternative is easy to set-up
Much like the process itself, getting set-up with this new way of doing things is quick and easy. As Aoife Walsh explains, it’s a matter of taking a few simple steps and you’re ready to make processing U.S. student loans as a non-U.S. university faster and more cost-effective than ever before.
To find out how TransferMate can transform how you process U.S. student loans, click here.