Loanlook Adds Loan Alert and Payment Reminder Controls For Growing Student-User Base

Thursday, March 14, 2013

ROLLING MEADOWS, Ill., March 11, 2013 -- Loanlook, Inc., a provider of web-based financial literacy solutions, today announced the addition of a notification control interface that will enhance its users' ability to manage their student loans via the company's loanlook.com portal. Loanlook is currently under contract to manage over $4 billion in federal and private/alternative loans for approximately 300,000 current and former college students across the United States.

Loanlook's enhanced interface now allows users to select from email, text/SMS, and mobile app "push" notifications to remind them of upcoming loan events. Student-borrowers are kept abreast of loan status changes (e.g. when a loan moves out of a grace, forbearance or deferment status and into repayment), servicer changes (should the student's Title IV Additional Servicer or "TIVAS" change), upcoming payment dates, additional loan disbursements and a variety of other loan events.

While loanlook has had a notification system in place for some time, the new interface will allow the student to determine the intensity and method of delivery for notifications. Additionally, users will now be able to control the type and frequency of notifications "pushed" to their mobile devices from loanlook.com. Upcoming versions of the Loanlook app for Apple and Android OS will provide for similar control over notifications.

"Loanlook's development has always been guided by the needs of the student," said Loanlook CEO Balaji "Raj" Rajan. "We were the first student-centric loan management portal on the web and the first to release mobile apps. Allowing students to choose how, when and where they receive their loan information furthers Loanlook's mission to encourage responsible borrowing and repayment habits."

In addition to a refreshable dashboard that delivers borrower-specific loan profiles, loanlook.com users have access to payment optimization, income-based repayment and consolidation calculators. The site also offers a budgeting tool and cloud storage for important documentation such as Master Promissory Note and lender/servicer correspondence.

For borrowers in need of live support, the site provides access to trained loan counselors via online chat and toll-free number.

Loanlook.com uses bank-level security to safeguard student information. The site actively monitors compliance with, and conducts annual security assessments against, all applicable information security standards including the: Federal Information Security Management Act (FISMA); National Institute of Standards and Technology SP 800-53 (NIST); Payment Card Industry Data Security Standards (PCI-DSS); Statement on Standards for Attestation Engagements No. 16 (SSAE 16); and the Family Educational Rights and Privacy Act (FERPA).

Learn more at Loanlook.com.