The merger between Mea and AMTrust is a huge deal for consumers.
But what will the merger mean for you?
The merger is a $10bn merger of two of the world’s biggest student financial services companies, with one of the largest student financial companies in the world becoming the parent company of a $50bn company.
But this deal is also going to change the way student loans are financed for millions of students.
As part of the merger, Mea is merging with the largest financial services company in Australia, which means the merged company will become the parent of a major student loan lender.
Mea will be a subsidiary of the Australian Financial Services Corporation, or AFSIC, which has the largest market share in the Australian financial services market.
Meas has already received some $7bn of funding from investors including the Australian Securities and Investments Commission, which will help it scale up its financial services operations.
But it’s the new parent of AMTrust that is really going to have a major impact on how student loans in Australia are financed.
What is AMTrust?
AMTrust provides financial services to more than 2.5 million Australians who are struggling with student debt.
AMTrust has a strong focus on helping borrowers with debt repayment and is focused on helping them to achieve debt relief through the use of a variety of financial services and products.
The company is based in Melbourne and provides its services via its website, the Meas Financial Services Group, and a mobile app.
AMtrust also has a small but growing presence on the ABC’s iTeam platform, where it broadcasts live financial news.
AM Trust has been around since the 1990s, but in recent years it has seen its focus on servicing student loans expand to include a range of financial products and services for low income Australians, as well as helping people who have taken on student loans.
AM is one of three financial services groups in Australia that operate as a single company.
AMTECH and AMTEX offer student loans to low-income borrowers, while AMEX provides a range.
The merger of Mea with AMTrust will allow AM to provide its student loan servicing services in Australia at the same time it provides financial financial services for millions more Australians.
What will this mean for me?
Student loan repayments will be easier for low- income borrowers, and the financial services that AM will provide will be more focused on providing services for borrowers with high debt loads.
This means more people will be able to take out student loans and repay them at lower interest rates.
For students with high student loan balances, this will mean fewer outgoings and less financial stress.
For people with low- to middle-income students, this is likely to mean fewer debt repayments, as the companies that offer services for them will be offering higher interest rates to students with low balances.
AM trusts financial services provider Meas will be responsible for servicing AM’s student loan customers, and Meas’s parent company, AMTrust, will be tasked with providing student loan services to millions of Australians.
But the merger will also have a big impact on the way in which people with student loans will pay for these services.
The consolidation of Meas and AM Trust’s student loans into one entity will mean that Meas customers will have access to AM Trust products and products, while the Australian public will have a much better understanding of what AMTrust offers to students.
This will also mean AM trusts customers will be better able to access AM Trust loans through AMTrusts payment gateway, as they will have an account with AM Trust.
What happens to AMTrust customers who are not AMTrust clients?
AM Trust customers will still be able use AMTEC, AMTEST and AMVEST to make payments on their student loans, but will not be able access AMTAS, AMATEST, AMBEST or AMBAST.
The merge will also affect the way that Mea customers are repaid.
The Meas service provider will be no longer responsible for making payments on AMTES, AMVTEST or any AMVests, but Meas can still make payments to its customer accounts on AM Trusts payment service provider AMTET.
But because AM trusts customer accounts will no longer be directly connected to the payment gateway for Mea, the merger means that AMT customers will no be able make direct payments to AMT, or AMVets.
AM will still offer its services on the AFSI platform, but AMTrust can no longer offer AMT services directly to its customers.
What about the Australian Government?
The merging of Meals, Laundry and Household Services with AM will mean AM will no more have access as a student loan servicer to students, and will have to rely on AMTrust to offer services to students and their families.
The AMTEWR merger will mean the consolidation of AMT