Student Loan Debt Solutions
Advantages for Lenders & Consumers
Student loan debt is one of the highest consumer debt categories in the U.S., second only to mortgage debt. It's time to find new ways to help consumers manage their student loan debt.
Borrower Verification
Verify standard loan information such as borrower name, financial institution, loan amount, and interest rate terms
Monthly Payment Enablement
With student loan data, we provide a fast, easy, and streamlined way to set up monthly repayments for student loans
Payoff Enablement for Refinancing
Payoff a previous lender when refinancing a student loan by returning the verified payout amount and pay-by-date quotes
Student Debt Management
Borrowers can get the expertise & guidance they need to manager their student debt with our Financial Wellness Solutions
Envestnet | Yodlee Improves Student Lending
Advantages for Businesses & Consumers
Americans owe $1.48 trillion in student loan debt. Over 44 million consumers carry the burden of student loan debt. There is an 11% student loan delinquency rate of 90+ days. Financial institutions and FinTech innovators can help consumers manage their student loan debt with Envestnet | Yodlee.
Financial Institutions and FinTech
- Fast, efficient, secure online account verification about key student loan details
- Provide consumers with financial guidance and expertise to manage their debt
- Widest coverage of Lenders and Servicers for payment and payoff enablement
Student Loan Borrowers
- Convenient real-time account verification and account balance information to enable better financial decisions
- Simple and intuitive user interface
- Real-time confirmation
- Quick transaction authorisation for quicker access to funds
- Payment notifications to stay on track and manage debt
How it Works
Users simply enter their online banking credentials and instant access to financial data confirms the ownership of the student loan, verifies the loan balance, and provides payment and payoff details in seconds.
Unlike other providers in the market, Envestnet | Yodlee is able to match the borrower to the actual student loan. Verifying the person with an active loan enables better Know Your Customer abilities during onboarding and helps mitigate risk. As a result, opening new accounts and transferring funds is not only faster and more intuitive for consumers, it’s also less risky for FIs and FinTech innovators.