THOUSAND OAKS, Calif., Oct. 4, 2017 /PRNewswire/ -- In what has been a record-setting month, LoanGifting welcomes over 100,000 new student loan debtors to its crowdfunding website in September alone. What appears to be: "The Future of Student Debt Relief," LoanGifting has combined the power of crowdfunding and employee sponsored Student LoanBenefitsTM. LoanGifting could easily attract millions to its first-of-a-kind solution to help repay student debt. "There is currently over 45 million Americans with student loan debt and the default rate is increasing every year. It's clear millions need help with student loan repayment. LoanGifting was created for that purpose," says Ravi K. Sawhney, LoanGifting's founder and CEO.
LoanGifting allows student debtors to connect with their extended network of friends, family and employers to help pay down student debt. This fintech solution allows payment to be made direct to a student debtor's loan, streamlining the repayment process and providing greater relevance to loan holders than 401k contributions for those employed. For the millions in default or currently not employed, it aids by tapping into the ability of friends and family to pitch in small amounts that can make a big difference.
Ravi Sawhney, LoanGifting's founder and CEO commented: "The power of LoanGifting not only lies in the desire and ability for companies and society to help solve the student debt crisis but goes beyond. Similar to a Savings Bond but, in reverse, LoanGifting contributions to loans can create a magnification of benefits. By prepaying principal today, we see as much 300 percent in total debt service reduction."
With the recent launch of Student LoanBenefitsTM, LoanGifting is poised to grow exponentially. "Employers are looking for ways to help recruit candidates, retain employees, and reduce workforce stress. Recent studies show student loan benefits accomplish all three. By partnering with LoanGifting, we believe companies can help make significant progress in the fight against student debt and while aiding internal performance metrics," Ravi adds.
Founded in 2015, LoanGifting is a SaaS product that focuses on Fintech solutions to directly challenge the student debt epidemic. LoanGifting started as a crowdfunding site for Student Loan Debtors but due to overwhelming demand by employers for an employee benefits solution, LoanGifting developed Student LoanBenefits™, a benefit similar to a 401k but with a better return on investment. The service operates as a direct pipeline for student loan repayment and connects millions who have student debt with their extended network of family, friends, and employers. Through these connections, LoanGifting allows a student debt holder's network to give directly to his or her loan and reduce the loan principal, future interest, and time for loan repayment.