Solutions

Student Loan Refinancing

 

With the end of the student loan payment pause, many of the nearly 43 million Americans with student loan debt will consider refinancing those loans. Informed speeds up current loan statement and income verifications using Artificial Intelligence (AI) and Machine Learning. 

Getting approved for refinancing requires that applicants satisfy several conditions. The process that lenders undergo to review these conditions can be onerous and time-consuming. These conditions often require applicants submitting documents to prove their income or employment status and document the terms of their current student loan.

To document the terms of their current loan, applicants must upload multiple, lengthy loan statements. Often these statements only cover a single semester, so many are required. This is a highly manual process for both the borrower and the lender.

With Informed, lenders can verify data from applicant documents in real time, eliminating the manual work needed to confirm an applicant’s eligibility for student loan refinancing.

Reducing Friction in Student Loan Refinance

Informed automates the reviews of documents that student loan refinance applicants submit to verify income, residence, employment, etc. condensing the previously manual verification process down to a matter of seconds. Automating this process reduces lenders’ operational expenses for manual document reviews and improves the customer experience.

Lenders use AI and Machine Learning

Lenders use AI and Machine Learning to decide and fund student loan refinancing applications in real-time with higher accuracy, in a compliant and auditable manner while significantly reducing conscious or unconscious bias and reducing error rates. Being able to verify consumer documents in real-time greatly improves speed and accuracy for underwriters.

Student Loan Refinancing

The Benefits

Informed makes lenders easier to do business with, resulting in increased market share, improved customer retention and:

Approve applicants quickly, providing a better customer experience

Reduce bias and errors stemming from manual verification processes

Reduce costs by up to 50% compared with legacy VOIE solutions

Developing the real-time risk review of customer data in Informed’s core platform utilizes available on-demand interactive customer contact strategies. This makes operations simpler, faster, and more efficient with better outcomes for lenders and consumers.

Informed named to the Software Report's Top 25 AI Companies for 2024

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