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Ann Arbor Spark

May 19, 2020

LoanSense Shifts Platform to Provide Personalized Student Loan Advisory Services Direct to Consumers, Including Information and Opportunities within the COVID-19 Relief Bill

New pivot gives guidance on navigating student debt and as well as the student loan provisions of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, offering resources that help Americans save thousands during this critical period.

LoanSense is a digital student loan advisor that simplifies the loan repayment process through customized plans and solutions that lead toward loan forgiveness, with a commitment to better advocate for the millions of Americans struggling with student debt. While that mission remains unchanged, LoanSense’s approach has taken a drastic turn over the course of the past few months—from initially collaborating with employers to offer loan assistance as an employee benefit to now working directly with individual consumers.

The impetus for this significant customer pivot was the COVID-19 crisis. The year was off to a strong start for the LoanSense team after the success in raising funds in January, but when several employer pilots were delayed due to the crisis, it provided a crucial moment to reconsider where the company would be able to add the most value for those in need amid the situation. Closely following the development and announcement of the CARES Act, LoanSense founder and CEO Catalina Kaiyoorawongs quickly recognized that communicating resources directly with the public could yield immense positive impact. As a result, the company restructured its existing platform to transform it to service the individual consumer as well as continue to help employers aid their employees with student debt.

The team worked tirelessly to deploy the new website and application, along with a free weekly webinar series that discusses the effects of the relief bill on student loans. “With the CARES Act, nearly 40 million Americans qualify for $0 and zero percent on their student loans, but most are unsure what to do. While much of the media is addressing programs like the Paycheck Protection Program (PPP), few are highlighting how student loan borrowers can take advantage of the provisions to get loan forgiveness,” Kaiyoorawongs explained. “The six-month window until September is a once in a lifetime chance to lower student debt, and we want to help people stay on the right track.” 

The response to the new platform launch was overwhelmingly positive—within 48 hours of the first announcement, the webinar reached maximum capacity. Customers began signing up for the loan advisory service, and within two weeks, the team turned from a company seeking redirection to one generating revenue. 

Kaiyoorawongs commented, “One of the biggest learnings in this process was realizing how many people were struggling with having their back payments count toward their student loans. We’ve helped our customers save between $4,000 to $10,000 on their loans already, and we plan to keep going.”

The success of LoanSense’s pivot is a reflection of the importance of understanding where one is providing value, as well as where the customer’s needs lie. Now, the team is looking for creative ways to continue spreading the word about the resources that LoanSense is able to offer and its arsenal of expert knowledge that can help Americans save money and find relief during what is a testing time for all. “The need is out there, but so are our solutions,” said Kaiyoorawongs. “We’re going to keep working to dedicate our every effort into helping make sense of people’s loans.”

LoanSense’s personalized advisory service helps people like Elizabeth S., who, like many others, found herself struggling to navigate her student debt effectively. By attending one of the free webinar sessions, she discovered she wasn’t making the most of her payments. LoanSense provided Elizabeth with the guidance she needed to get on the correct repayment plan and to properly file eight years’ worth of back paperwork. With help from the LoanSense solution, she ultimately saved thousands of dollars. “If I hadn’t found LoanSense, I would still be filing, re-filing, and paying on my student loans,” Elizabeth shared. “It was such a nightmare… because there were no clear answers, no one to turn to. I’m so thankful to LoanSense for counseling me. They helped me transfer my loan and file my paperwork with confidence, and now I’m on my way to being student loan debt free.”

LoanSense is hosting its next webinar on May 27 at 4 p.m. (EST). Register here to learn more about how the relief bill affects student loans and get on the road to managing student debt with confidence. 

About LoanSense

LoanSense is a student loan digital advisor. Seventy-one percent of those filing into federal loan programs unknowingly commit errors and get rejected from loan forgiveness costing them thousands of dollars. With LoanSense, borrowers get matched to the best federal loan repayment plan and get payments counted towards loan forgiveness, saving them thousands of dollars. For more information, visit www.myloansense.com or follow LoanSense on LinkedInFacebook, and Twitter.