Loanlook.com Adds Private Student Loans - Sets Standard For Student Loan Transparency
Sep 12, 2012, 01:48 ET
SCHAUMBURG, Ill., Sept. 12, 2012 /PRNewswire/ -- Loanlook, Inc. today announced that the Company's student Web portal, loanlook.com, is now the first site to aggregate private student loan information in addition to Federal loan and grant data.
Since its launch in 2011, Loanlook users have been able to view and build repayment plans with their Federal student loan and grant data using a variety of self-service tools and access to loan counselors through WebChat and a toll-free number. With the inclusion of private lender data, students will now have control over critical decisions based on all their loans.
Students and parents select from a list of leading private lenders and refresh both their private and Federal loan dashboard on demand. Users are able to track loan balances, interest accrual, payments and other information daily. Loanlook users can submit requests for the addition of specific private lenders via the site. The Company continues to add more than 150 private lenders.
"We do not and will not endorse any private lender or loan type," stated Loanlook CEO Balaji Rajan," ... but we know that students rely on loans outside the Federal process. Our goal is to provide the most comprehensive loan profile so that students can get a complete picture of their financial situation and plan accordingly."
Other core functions of the site include the ability to proactively develop borrowing and repayment strategies via the Affordability and Repayment Module developed with feedback from college financial aid staffs; view current loan status and all available repayment options; create and save monthly budgets; obtain current servicer/lender/guarantor contact information; and communicate with live loan counselors via WebChat.
Rajan went on to state that "Loanlook will continue to add functionality and is looking to develop both government and private sector partnerships that add value to the student-user experience. We believe the site is well ahead of the transparency everyone wants...from the Department of Education and CFPB to schools and parents. We look forward to extending our expertise and tool to those who want to partner with us for the benefit of students."
The addition of private lender data comes ahead of the Company's planned release of a Loanlook mobile app on the Android market later this month, followed by an Apple app soon after.
The Company is expecting to add 200,000 students this fall for its clients with total loan volume exceeding $3 billion.
Loanlook.com uses technology and security architecture which is reviewed and certified by independent third party auditors for adherence to: FISMA/NIST SP800-53 standards; BS17799 and ISO 27000 Series; and PCI-DSS and SSAE-16. In addition to Loanlook, Inc., Ceannate Corp. operates two other independent subsidiary companies, The i3 Group and Financial Management Systems (FMS). The i3 Group provides delinquency prevention and default aversion services to over 500,000 student-borrowers on behalf of higher education institutions. FMS provides collection, rehabilitation, consolidation and administrative resolution services on federally guaranteed student loans as one of 22 contractors for the U.S. Department of Education. The systems, data and personnel for all operations are separated as required under Federal regulations.
About Loanlook™ – Loanlook.com is used by college and college-bound students, borrowers in repayment and parents with loan obligations to track, understand and manage their education loans from pre-enrollment into repayment. Based in Schaumburg, Illinois, Loanlook, Inc. is a subsidiary of Ceannate Corp., an education-focused organization. Loanlook, Inc. contracts with its affiliate, The i3 Group, to provide Customer Service Center and Live WebChat services to users. Learn more at Ceannate.com.
SOURCE Loanlook, Inc.
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