March 8, 2019

Webster launches lending program for student debt

PHOTO | File
PHOTO | File

Webster Bank has launched a new lending program to help borrowers more easily manage student loan debt — a burden that has tripled since 2004 to more than $1.5 trillion, or more than the outstanding credit card debt of all Americans combined.

The Student Loan Refinancing program pairs technology with personal service, according to the Waterbury bank.

"Paying off student loans is a No. 1 priority for many people, including Millennials," said Nitin Mhatre, executive vice president and head of community banking for Webster Bank. "We're offering a user-friendly online solution that gives these borrowers a way to save money and streamline their financing so they can confidently step up to life's next opportunities."

Webster Student Loan Refinancing offers refinancing of federal and/or private student loans for individuals who have obtained:

• A bachelor's degree up to $90,000

• Graduate and doctoral degrees, including MBA, up to $225,000

• Professional degrees, e.g., dental, medical and law school, up to $300,000.

Borrowers can choose between fixed and variable-rate financing, and tailor financing solutions to repay debt over a shorter or longer period of time. Other benefits include no fees to refinance and an additional 0.25-percent discount for automatic payments made from a checking account.

"This technology-powered solution, paired with the expertise and customer service from dedicated Webster bankers, makes it easy for our customers to take greater control over paying off their student loans on their terms," said Greg Jacobi, senior vice president for consumer unsecured lending and technology strategy for Webster. "Whether they want to get debt-free faster or simply streamline the repayment of their student loans, we are committed to helping them confidently move on to achieving their goals."

Webster officials say the bank is well positioned to serve this expanding market given its presence in Connecticut, Massachusetts and Rhode Island, which are among the states with the highest student debt in the U.S.

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