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“student Loan Transparency: Empowering Borrowers Through Information” – Chipper has partnered with Method to help retrieve, access and apply for student loan forgiveness using just their phone number.
With $1.7 trillion in student loan debt in the U.S., the average borrower owes nearly $40,000. With student loan repayment moratoriums set to end in 2022, millions of borrowers will have to contend with paying back their loans. For example, 60% of federal borrowers who are on hold due to payment suspensions need tools to help them obtain forgiveness. This creates additional difficulties for student loan forgiveness.
“student Loan Transparency: Empowering Borrowers Through Information”
Last year, many large student loan servicers divested their student loan portfolios, leaving new servicers for hundreds of thousands of borrowers. Most borrowers are unaware of the change or who their new servicer is, making it extremely difficult to access their accounts to determine if they qualify for student loan forgiveness.
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Chipper hopes to change the student loan landscape by seamlessly helping users determine eligibility and enroll in student loan forgiveness programs. Chipper provides simple tools to help borrowers understand, manage and pay off their debt. In developing these tools, Chipper looked for innovative, comprehensive ways to simplify the onboarding process and help millions of borrowers with the infrastructure to make the forgiveness process a one-click solution. However, connecting users’ student loans and providing a seamless forgiveness experience presents some key challenges:
Method’s previous available loan linking process was not only time-consuming for users, but also resulted in a poor user experience, resulting in repayment and account linking issues. – Tony Aguilar, Founder and CEO
After talking to several providers, Chiper concluded that Method’s integrated data stack provides a seamless way for users to understand their entire debt stack as well as their holdings using just their phone number. Every student loan servicer has their loans.
Additionally, direct connections to all student loan servicers will allow Chipper to retrieve real-time student loan data directly from lenders. This enables Chipper to provide users with transparent options and personalized loan solutions, ensuring that borrowers do not lose the financial progress they have made paying off their loans and continue to live the lifestyle they deserve.
Refinance Your Student Loans
Rapid integration enables Chipper to provide a unified and seamless experience for easy and secure student loan bill payment. The value proposition of Method’s turnkey solution is simple. The method’s API provides:
In the two months since partnering with Method, Chiper has connected 10,000 users and processed $150 million in student loan debt forgiveness applications.
Chipper is a simple app that helps users optimize and reduce student loan debt faster than traditional repayment methods. Chipper’s algorithm is a comprehensive digital solution for student loan borrowers that identifies repayment, management and even loan forgiveness options tailored to the individual user. With a mission to help student loan borrowers make informed decisions and reduce significant debt burdens, Chipper offers a real path to success and financial health.
Method Financial is an embedded banking service that allows developers to easily retrieve and pay any of a user’s debt, including credit cards, student loans, auto loans, and mortgages, all through a single API. Method manages the entire data retrieval and funds movement process by handling compliance requirements, identity verification and bank partnerships, keeping clients out of money movement. The API provides access to more than 15,000 lenders in the US, covering 95% of consumer debt. Introducing Payitoff’s Find My Servicer: Empowering Banks and FinTechs to Find a Student Loan Servicer for 65% of Borrowers Impacted by Market Shifts Embedded Tool Provides Borrowers with a White Label User Interface to Easily Recover Federal Student Loans Payment
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NEW YORK, July 27, 2023 (GLOBE NEWSWIRE) — Payitoff, a leading provider of consumer debt guidance tools to financial institutions, fintech and financial health providers, is proud to introduce its game-changing Find My Servicer tool. This innovative tool is a white-label user interface that can be seamlessly embedded into the platforms of financial institutions and fintech companies, enabling customers to find their student loan servicers in seconds. Payitoff’s Find My Servicer is the only tool available to search for current federal student loan servicers, other than the federal student aid government website. It’s also the only tool that allows borrowers to find a service provider just by phone number, date of birth and zip code, and it’s the fastest way available, taking less than two minutes.
Since 2020, approximately 30 million people (65% of federal student loan borrowers) have experienced a change of servicer, and many borrowers are confused about who their servicer is and how to effectively manage loan payments. Payitoff’s Find My Servicer addresses this problem directly. It is a comprehensive tool that simplifies the process and ensures a smooth transition for borrowers. Find My Provider can be easily integrated as a plug-and-play solution or as a fully custom integration until federal student loan payments resume on September 1, 2023.
Bobby Matson, Payitoff CEO, said: “Following these significant changes in the federal student loan landscape, we’re proud to be the first to launch a solution to help borrowers find their servicers “Our team recognized the confusion and challenges facing borrowers and their financial institutions, and we moved quickly to deliver a solution that will have far-reaching impact. We are excited to introduce this groundbreaking tool to the public and to Looking forward to supporting borrowers and partners working with financial institutions to drive positive change in the industry.”
By integrating Find My Servicer into its platform, fintechs and financial institutions can offer customers an unrivaled solution to the complexities of student loan repayment and unlock additional experiences such as setting up payments before reinstatement, gaining market competitive advantage. Additionally, Payitoff’s Find My Servicer prioritizes data security and privacy, implementing strong encryption and security protocols to protect sensitive borrower information. The tool adheres to the highest industry standards, providing peace of mind for both borrowers and partner institutions.
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To try and find my provider, click here. For more information on partnering with Payitoff, please contact sales@payitoff.io.
Payitoff is a software and data infrastructure company dedicated to changing the way borrowers interact with their debt, while driving better financial outcomes for the financial services companies they trust. Powered by millions of consumer data points and thousands of interactions, the Payitoff platform enables borrowers to make data-driven decisions about federal program enrollment, refinancing and prepayment opportunities. Payitoff is headquartered in New York, NY. Please visit https://payitoff.io/ for more information. Student loans are complex and difficult to manage because borrowers often have multiple loans with multiple loan providers, making repayment a frustrating experience.
Design an easy-to-use, intuitive interface that organizes all your student loans under one roof and simplifies the complexities of understanding the various repayment options.
Truly stand out as a fully integrated design partner; taking on our design challenges with excitement and curiosity. They possess a rare ability to paint the big picture while dragging the details to the finish line. I couldn’t have picked a better team!
Student Loan Api
Andy Josuweit, founder and CEO of Student Loan Hero (SLH), graduated from college and, like many American students, graduated with a whopping $100,000+ in debt. Overwhelmed with 12 different loans from 4 different loan servicers, Andy set out to make it easier for students (and himself) to understand and manage their large number of loans. Student Loan Hero started as a student loan dashboard and has since grown into an educational library that includes topics relevant to students and distills big ideas into small pieces of information.
Today, some 43 million Americans carry more than $1.5 trillion in student loan debt. As if that number wasn’t scary enough, students often take out loans from many different providers, making the repayment process confusing and difficult to navigate.
Andy envisions a powerful platform that simplifies every aspect of student loan repayment, including analytics, offering opportunities to reduce repayments, creating custom repayment plans, and making it easy for borrowers to refinance their high-interest loans. As the first online resource to provide a single snapshot of all a student’s debt in one place, Student Loan Hero’s mission is to help students manage their loans with ease and provide free financial tips when learning about loans. That’s where we come in.
We established a style guide and design that enhanced the Student Loan Hero brand and user experience on the blog and dashboard. Our strategy is constant optimization; we did extensive A/B testing on SLH web properties with over 100 tests on button copy, colors, photos, layouts, forms and more. We continuously collect user feedback and refine user testing insights to further improve conversion rates. These insights led us to build a guided tool (Repayment Plan Builder) that allows users to filter loan repayment options and add them to their action list, and from
Student Loan Debt: Here’s How To Know The Amount You Can Afford
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