Regions is helping customers and others gear up to resume student loan repayments Oct. 1, with a new resource hub on Regions.com and other support.
The federal government had paused those student loan payments for three years due to the COVID-19 pandemic. There is a one-year grace period before non-payments will be reported to credit bureaus but interest will continue to accrue.
“While Regions does not make student loans, we know many of our customers have them and, like so many others, must now budget to make those payments again,” said Shana Fail, who leads the Consumer Strategy team for Regions’ Consumer Banking Group.
“We’re here to give people the financial advice and guidance they need to move forward with confidence as they factor these payments into their finances.”
While Regions does not make student loans, we know many of our customers have them and, like so many others, must now budget to make those payments again. Shana Fail, who leads the Consumer Strategy team for Regions’ Consumer Banking Group
Customer Support
To assist those who have student loans, Fail said Regions has created the regions.com/studentloanrepayment site on Regions.com as a hub for Student Loan Payment Resources and Support.
The page has links to StudentAid.gov, the federal government student lending site, where borrowers can look up their loan servicers, update contact information, learn about the new SAVE income-directed repayment plan, and get all the details about student loan repayment and their options.
The resource hub also provides access to related Regions Next Step® financial wellness articles and webinars, and customers can click on the “Regions assistance” link for contacts if they experience payment challenges with their Regions accounts:
Mortgage and home equity payment assistance:
1-800-748-9498
Personal loans and lines assistance:
1-866-298-1113
Auto loan payment assistance:
1-866-298-1113
Credit card payment assistance:
1-866-298-1113
Those who use the site can also make an appointment with a banker and start a Regions Greenprint® personalized financial plan to help manage their finances. Bankers can’t advise customers about student loans or repayment but can help them review the impact of student loan payments on their monthly budget and other expenses and suggest ways to manage or consolidate debt.
Why it Matters
According to the Financial Health Network, about 43 million people – or 1 in 8 in the U.S. – are personally affected by the resumption of student loan payments following the U.S. Supreme Court ruling and as the payment moratorium expires.
“We’re committed to making life better across the communities we serve by improving financial wellbeing,” Fail said, “and that comes from first understanding someone’s unique financial needs and goals and then providing the solutions and insights for success.”