LoanBuddy Supports Latest NSLDS Transition By Department of Education

Mar 9, 2020 5:50:32 PM

The much-anticipated transition from NSLDS to StudentAid.gov is causing some initial borrower challenges, including some confusion about how to find their loan information. This may impact some of your clients and LoanBuddy for Advisors now supports this update and has enhanced our processes to streamline advisor activities.

 

There are 2 main areas to help your clients with:


  • Log-in.  First, to access the site at StudentAid.gov, your clients will be prompted to verify existing information and they will be able to opt-in to email and texting options about their loans. Once this step is complete, your clients will land on the new dashboard.

 

  • Locate Data Second, on that dashboard, clients will have to select the “My Aid” dropdown menu under their name which is located under the “Head & Shoulders” icon on the right hand side with a drop down for the “Download My Data” link.

 

We have updated these download instructions in the LoanBuddy for Advisors

Dashboard and the client facing emails for contributing their files.

 

When your clients download their data file, it looks completely different now, but don’t worry. Even though these data elements are in a different location in the file, the updated LoanBuddy for Advisors NLSDS upload feature automatically accounts for it and it’s something that you or your client won’t see and occurs with the application.

This transition appears to have caused some mix-ups with Servicer information. For example, a client who may have loans being serviced by Navient, may now find  Ascendium Education Solutions is incorrectly listed as the Servicer. For schools when accessing these files, you will see the correct servicer listed however some of the students may not see the correct servicer. Lastly, Ascendium is a new servicer which combined Great Lakes, NELA, and USA Funds and that may also cause some confusion, due to the lack of name recognition.

LoanBuddy for Advisors Dashboard

The benefits of the NSLDS file are many, this is the data that feeds into all of the servicers and it is an important source of information to gather for your clients. Within the LoanBuddy “List of Loans” tab the information from the NSLDS file has been made easy to read. With this loan information at your fingertips you can easily research the origination dates, look for errors or possibilities of fraud, where the client can confirm and ensure all of the loans listed are accurate. You can also check for any duplicate loans to be proactive and double check that there are no loans that they may have forgot about--something that actually does happen often enough.

In the future, we will keep you abreast of any additional enhancements and make the regular updates to the private Facebook group. In addition to the NSLDS changes LoanBuddy for Advisors released improved capabilities for onboarding client data via an integration with Redtail's CRM and connect client loan accounts via Plaid.

Additionally, you can now generate a version history for your clients as well as route an email to clients/prospects to download their NSLDS file. This will eliminate the manually uploading of client data and just another way to streamline the process for your firm.

If you have any questions don’t hesitate to use the chat feature within your LoanBuddy for Advisors dashboard and we will be happy to assist. 

- The LoanBuddy Team

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The much-anticipated transition from NSLDS to StudentAid.gov is causing some initial borrower challenges, including some confusion about how to find their loan information. This may impact some of your clients and LoanBuddy for Advisors now supports this update and has enhanced our processes to streamline advisor activities.