Payitoff, a student debt infrastructure company based in NYC, today announced a host of new services that help fintechs, workplace providers and financial institutions save the average customer $240 / month on their student loans. With their tools, any financial service can easily:
- Sync the richest loan data - roughly 2x more data per loan vs. alternative aggregators
- Automate any type of guidance, including forgiveness programs that already exist
- Digitally enroll borrowers in federal repayment options that save them money
- Embed student loan workflows with a few lines of javascript
Partners using their technology have collectively saved borrowers over $10 million to date.
The company also announced a key hire,
Stephanie Reiley, to grow their product team. Stephanie was formerly Managing Director of Product at Simple Bank and spent years at Charles Schwab and Fiserv leading digital enrollment experiences (including Schwab's Robo Advisor).
Scott Buchanan, who runs the
Student Loan Servicing Alliance, announced that he is officially advising the company. Scott's expertise in student loans is vast, having spent many years at Navient and Sallie Mae before taking up the helm at SLSA.
“Innovating with this kind of new technology and data to find ways to get student loan borrowers and providers closer and faster to optimized outcomes is something that is critical now more than ever,” said Buchanan.
"We're really excited to have Steph and Scott on board,"
says CEO Bobby Matson. "They understand how important it is to deliver better borrower outcomes in a way that makes the entire system more efficient for servicers, financial services companies and most importantly, borrowers. With their combined expertise and industry access, no API-first solution can come close to our capabilities in this arena."
In September, federal student loan payments will resume and 46 million borrowers will be thinking about their repayment options all at once. This has never happened before in financial services and is a once-in-a-lifetime opportunity to assist borrowers who are seeking relief. COVID-19 has dramatically affected the incomes of many borrowers. According to statistically significant sample data from thousands of borrowers on the Payitoff platform, 47% of borrowers benefit financially by leveraging existing, yet lesser-known, federal programs. This is immense considering only 8% benefit from refinancing.
"Borrowers need scalable guidance and not everyone will be able to talk to a human in September," say Matson. "I know how it feels, having dealt with this problem personally. As a borrower, you don't want to be alone with this kind of burden. Now is the time to make a measurable impact on their lives".
