Payment processing company BillingTree announced today that its student loan collection portal will be available to the general public starting at next week’s ACA International convention in Seattle.
The portal, called myPayrazr Portal SLR provides users with the chance to offer automated payment plans to help individuals manage and repay their student loan debts.
From the company:
The portal enables agencies to establish reasonable, income based, repayment plans for qualified consumers in default on their student loans, and then accept monthly online payments 24/7 until the loan is rehabilitated. The portal also integrates with federally authorized payment services.
The portal was announced last December and was available on an invitation only basis to BillingTree clients until now
The amount of student loan debt has become a significant concern. Today, the Federal Reserve Bank of New York released a report that revealed that 21% of people in their 20s owned a home in 2016, down from 32% a decade ago. A large reason for the decline is because those individuals are carrying more student loan debt and are unable to handle a mortgage payment.
The average tuition to attend college or university increased 81% between 2001 and 2009, and the total amount of outstanding student debt $1.2 trillion last year, up from $360 billion in 2004.
