Products & Services: Loan Refinance Origination and Servicing
The national student loan debt is over $1.2 trillion
Of that, WSJ estimates the student loan refinance space may exceed $200 billion... and it's growing. According to Mark Kantrowitz of Edvisors, 70% of 2014 graduates entered the workforce with student loan debt. Yet with this huge market opportunity, Forbes estimates that less than $4 billion have actually refinanced.
This is still very much a new market with low penetration, and perhaps as importantly, there is high demand among consumers for better options. While competition in the refinance space is heating up, plenty of room remains for new entrants. Why? It's a complicated process.
Consumer protection is, rightly so, emphasized in today's lending environment. Lenders eager to enter this space may not be willing to expend the resources to comply with the consumer protection regulations.
That's where we come in.
National Education's highly customizable, compliant origination platform accommodates loan refinancing products. Our web-based application is simple to navigate and features:
- Online document collection for underwriting
- Compliance with all disclosure requirements
- Controls and safeguards for privacy and security
- Customization for brand exposure
We provide solutions that are flexible and meet lenders’ unique needs. We create programs to accommodate loan refinancing products with system flexibility for tiered interest rates, repayment plans, borrower benefits, deferments and fees. National Education provides clients and borrowers with 24/7 access to their web-based portal, as well as payment and form processing, loan tracking, electronic billing, and borrower communication.
As a complement to our loan origination expertise, our servicing is second to none:
- In 2007, we were designated as an Exceptional Performer by the U.S. Department of Education for extraordinary loan servicing.
- We maintain an A+ rating with the Better Business Bureau.
- No findings were produced in two consecutive audits by the U.S. Department of Education.
- We do not use a voice response unit; when you call us, you talk to a person.
Most calls are answered in less than 30 seconds with less than half of a percent of calls going unanswered. We know what we’re doing. If you’re considering entering this space, rest assured National Education will deliver the origination and life-of-loan servicing you need to make it happen.
We invite and encourage you to download our literature to share with others or as reference, and we look forward to hearing from you soon.