Introducing Payitoff's Find My Servicer: Empowering Banks and Fintech to Locate Student Loan Servicers for the 65% of Borrowers Affected by Changes
First-to-Market Embeddable Tool Provides White-Labeled UI for Borrowers to Navigate the Resumption of Federal Student Loan Payments with Ease
NEW YORK, NY – July 26, 2023 – Payitoff, a leading provider of consumer debt guidance tools for financial institutions, fintech, and financial wellness providers, is proud to unveil its game-changing Find My Servicer tool. This innovative tool is a white-labeled user interface that can be seamlessly embedded into the platforms of financial institutions and fintech companies, enabling their customers to locate their student loan servicers in seconds. Aside from the Federal Student Aid government website, Payitoff’s Find My Servicer is the only tool available to search for current federal student loan servicers. It is also the only tool available that allows borrowers to find their loan servicers with only a phone number, date of birth, and zip code, and it is the fastest way in existence, taking less than two minutes.
With approximately 30 million people, representing 65% of federal student loan borrowers, experiencing servicer changes since 2020, many borrowers are left confused about the identity of their servicers and how to manage their loan payments effectively. Payitoff's Find My Servicer directly addresses this issue. It is a comprehensive tool that simplifies the process and ensures a smooth transition for borrowers. Find My Servicer can be easily integrated as a drop-in solution or a fully customized integration before federal student loan payments resume on September 1, 2023.
"We are proud to be the first to market with a solution that helps borrowers find their student loan servicers in the wake of these significant changes in the federal student loan landscape," said Bobby Matson, CEO of Payitoff. "Our team recognized the confusion and challenges faced by borrowers and their financial institutions, and we acted swiftly to deliver a solution that will have a profound impact. We are thrilled to introduce this groundbreaking tool to the public and look forward to supporting borrowers and partnering with financial institutions as we drive positive change in the industry.”
How Find My Servicer Works
Provide info – borrowers share a phone number, date of birth, and zip code via an embedded and white-labeled form on the financial institution or fintech platform.
See your loans – Payitoff verifies the identity and finds the loans in seconds.
Confirm your servicer – the borrower is directed to their servicer to access their student loans.
By integrating Find My Servicer into their platforms, fintech companies and financial institutions gain a competitive advantage in the market by offering their customers an unrivaled solution to address the complexities of student loan repayment and unlocking additional experiences such as getting payments set up before resumption. Additionally, Payitoff's Find My Servicer prioritizes data security and privacy, implementing robust encryption and secure protocols to safeguard sensitive borrower information. The tool adheres to the highest industry standards, providing both borrowers and partnering institutions peace of mind.
For more information on partnering with Payitoff, please contact sales@payitoff.io.
About Payitoff
Payitoff is a software and data infrastructure company transforming how borrowers interact with their debt while driving better financial outcomes for the financial services companies they trust. The Payitoff platform is powered by millions of consumer data points and thousands of interactions - empowering borrowers to make data-driven decisions on federal program enrollments, refinancing, and prepayment opportunities. Payitoff is headquartered in New York, NY.
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