LendKey and Payitoff Join Forces to Help Federal Student Loan Borrowers Lower Payments
LendKey and Payitoff form partnership to help federal student loan borrowers struggling with monthly payments after the CARES act expires with a free and easy debt reduction tool, the Federal Student Loan Optimizer.
CINCINNATI, November 30, 2023 (Newswire.com) - In a continuing effort to help student loan borrowers, LendKey, the pioneer of digital network lending, is excited to announce their latest partnership with Payitoff, a leader in consumer debt guidance tools. The collaboration introduces a free and user-friendly tool designed to help federal student loan borrowers save significantly on their federal student loan payments.
The innovative Federal Student Loan Optimizer tool, powered by Payitoff, allows borrowers to input their federal loan information, even if they are unsure about their servicer details. By considering various factors such as income, other debts, dependents, and more, Payitoff provides personalized recommendations for federal income-driven repayment plans. This empowers borrowers to choose the best plan based on their unique circumstances, leading to potential monthly savings on average of $240, and without sacrificing federal loan benefits.
This partnership provides an easy-to-use solution for managing student loan debt and helping lower those monthly payments. Borrowers can access the information through LendKey’s Federal Student Loan Optimizer, a tool designed to support anyone with federal student debt, irrespective of their ability or willingness to refinance.
Vince Passione, CEO of LendKey, emphasized, "As the CARES Act sunsets, it has created uncertainty for millions of borrowers. LendKey and Payitoff have come together to offer this tool to not only educate federal student loan borrowers on their options but also help them to achieve financial stability more quickly."
The Federal Student Loan Optimizer guides borrowers through a simple process:
1. Learn who services their federal student loan(s) by entering their phone number, date of birth, and zip code.
2. Link federal loan accounts to receive automated guidance on federal assistance program eligibility.
3. Receive individualized repayment plan recommendations considering factors such as income, family size, and amount owed.
4. Enroll in federal assistance programs such as income-driven repayment.
"We all know the challenges the student loan payment resumption has caused, and will continue to cause, for student loan borrowers,” stated Bobby Matson, CEO of Payitoff. “Partnering with companies like LendKey allows us to help borrowers easily see all their payment options, and significantly reduce monthly payments. We’re excited by the possibilities this partnership provides.”
To receive personalized student loan repayment recommendations and enroll in federal debt management programs in one seamless platform, click here or visit lendkey.com.
PayitOff is a leading provider of consumer debt guidance tools for financial institutions, fintech, and financial wellness providers. Headquartered in New York City, Payitoff has raised $11M in funding from notable investors, including Lightspeed Venture Partners, Sound Ventures, Social Leverage, and Struck Capital. For more information, please visit https://payitoff.io.
LendKey is a financial technology firm and leader in providing "lending-as-a-service" solutions to credit unions, community banks, and customers. LendKey works with its clients by providing digital loan origination and servicing capabilities and delivering a loan trading marketplace platform for financial institutions and fintechs.
LendKey pioneered the concept of "digital lending networks," which harnesses the collaborative nature of community-based financial institutions to build standard lending programs for private student loans, student loan refinance, and home improvement loans. These programs utilize LendKey's lending-as-a-service platform to provide customer acquisition, online decisioning, loan origination, loan servicing, customer service, and back-office support.
ALIRO is LendKey's loan trading marketplace where financial institutions and other market participants can easily transact. Loans are offered for sale and purchased in either whole loan or fractional loan participation format, and the platform supports both one-time and forward-flow transactions. ALIRO delivers the technology, tools, and ongoing service that financial institutions need to evaluate, execute, and manage loan trades to optimize their balance sheet and risk, focusing on improving net interest income.
Since 2009, LendKey has empowered more than 350 financial institutions to offer competitive loan programs and increase their digital presence across various customer acquisition channels and marketplaces. Today, LendKey has helped its clients deploy over $6 billion in loans and services more than $3 billion in consumer loans. Visit lendkey.com for more information.