LoanBuddy Integrates with Plaid

Feb 23, 2020 3:08:04 PM

LoanBuddy is pleased to announce its latest enhancement to its innovative technology that provides tools to Financial Advisors, LoanBuddy for Advisors, is now integrated with Plaid, a data network powering the fintech tools that millions of people rely on to improve their financial lives.

LoanBuddy, the market-leading software for advisors who assist clients with student loan debt repayment planning, now accounts for more than $350 million of student debt within the LoanBuddy platform and is accelerating. Plaid recently made news on Wall Street and the tech community with Visa Inc.'s announcement that they will acquire the company for $5.3 billion. LoanBuddy has now delivered Plaid’s “Liabilities endpoint” into the LoanBuddy for Advisors dashboard, allowing advisors to access up-to-date student loan data authorized by their clients.

 

LoanBuddy for Advisors and Plaid integration includes:

  • Comprehensive student loan data for a client’s account
  • Balances of how much is owed and over what pay period
  • Continuously updated student loan information
  • Current loan terms, interest rate, maturity and limits
  • Payment details, last payment date and next payment due date

 

“We are excited to integrate Plaid’s Liabilities endpoint into our LoanBuddy for Advisors platform to deliver continuous client student loan data, transforming the capabilities of the tools innovative financial advisors rely on.” Alex Bottom, Co-Founder of LoanBuddy, said.

“Prior to the integration with Plaid, LoanBuddy tools relied on the National Student Loan Data System (NSLDS) file, which had to be manually downloaded by clients and uploaded by advisors. This, from the outset, was an out-dated process for both clients and advisors and the data could sometimes be unreliable. With Plaid’s offering, their product improves the quality of information that companies like LoanBuddy can access and build next-generation tools with.” Bottom continued.

LoanBuddy for Advisors Dashboard

With Plaid, LoanBuddy generates the most up to date data automatically for client reports that simply showcase the lifecycle of a client’s student loan repayment. LoanBuddy still offers the NSLDS process for as long as the Department of Education offers it and will be enhancing its platform targeted to borrowers directly in the upcoming weeks.

 

Plaid partners with a variety of student loan servicers including: 

  • FedLoan Servicing 
  • Great Lakes Higher Education Corporation
  • Navient 
  • NelNet Student Loan
  • Mohela 
  • MOHELA - SoFi Servicing 
  • MOHELA - Laurel Road 
  • American Education Services 
  • Sallie Mae 
  • Firstmark Services - Student Loans 
  • National Student Loans Service Centre 
  • CommonBond Firstmark Services 
  • EdFinancial Services 
  • Granite State Management & Resources 
  • Heartland - ECSI 
  • Discover Student Loans 
  • Oklahoma Student Loan Authority
  • Wells Fargo 
  • CornerStone Education Loan Services 
  • Pennsylvania Higher Education Assistance Agency

 

About LoanBuddy

LoanBuddy for Advisors offers software tools to financial advisors who are assisting their clients with student debt repayment planning. LoanBuddy for Advisors technology automatically calculates options for federal income-based repayment programs and tracks Public Service Loan Forgiveness for borrowers that qualify. Financial planners will save time generating graphs and reports they can use to guide clients through the lifecycle of their loans. LoanBuddy has a "Member Community" of advisors that is growing rapidly. Our mission is to empower advisors with solutions to help borrowers improve their financial wellness and optimize their student debt.

LoanBuddy is pleased to announce its latest enhancement to its innovative technology that provides tools to Financial Advisors, LoanBuddy for Advisors, is now integrated with Plaid, a data network powering the fintech tools that millions of people rely on to improve their financial lives.