Earnest partners with Payitoff

With the new tool, borrowers receive personalised repayment plan recommendations to decrease monthly payments, helping them better control and manage their student loan debt. Considering that the expiration of the CARES Act created stress and anxiety for many of the 37 million federal loan borrowers, Earnest’s Student Loan Manager aims to educate them on their options and help them with their finances, according to officials. The tool allows students to find their servicer, as well as to support their enrolment in federal repayment programs to lower monthly payments.

Fintech Earnest has partnered with consumer debt guidance tools provider Payitoff to provide financial enabling by launching Student Loan Manager.

Student Loan Manager’s features and capabilities

Earnest developed the tool to support any individual with federal student debt, including those who are not able or willing to refinance their federal student loans. With no charges involved, the Student Loan Manager provides customised, clear, and actionable information to help borrowers administer their loans, with them being asked only for essential information that is safeguarded with end-to-end encryption. This enables individuals to enrol in suitable potential money-saving programs directly through the platform.

Moreover, the platform aims to allow borrowers to:

Discover who is servicing their federal student loans by entering their phone number, date of birth, and zip code;
Link federal loan accounts to get automated guidance on federal assistance program eligibility;
Obtain individualised repayment plan recommendations and reduced monthly payments to fit their lifestyle, taking into consideration factors such as income, family size, and amount owed;
Enrol in federal assistance programs, including income-driven repayment.

The partnership’s objective

According to Payitoff’s officials, the student loan payment resumption will have a considerable impact on borrowers’ lives. However, there are several options available to individuals to reduce their monthly payments. By partnering with Earnest, the company aims to use technology to simplify this process, allowing borrowers to be able to decrease their student loan payments.

Currently, Earnest’s debt solution is used by approximately 200,000 customers to reduce their total cost of education.

More information about Earnest and Payitoff

Launched in 2013, Earnest aims to enable past, present, and soon-to-be students to increase their financial futures through guidance and customised products. With its education tools and lending products, the company allows individuals seeking higher education to reduce the total price of their education and optimise their ability to pay down student debt.

Headquartered in the US, Payitoff offers consumer debt guidance tools for financial institutions, fintech, and financial wellness providers. The company’s solution provides financial applications with the opportunity to support their customers in reaching their financial targets. Moreover, institutions can minimise risk, attract customers, and increase overall engagement.