Student loans aren’t just a pain, they’re a travesty. Yet a new crop of startups is looking to make this process better, not least of which is LoanLook. A subsidiary of Ceannate, LoanLook seeks to organize the process of paying off student loans, while providing the student with as much information as possible.
Unlike a Tuition.io, however, LoanLook is aiming to partner with schools to build the user base more directly. Their main differentiating feature is real-live investment counselors available to chat through LoanLook’s Customer Care center and web chat.
After signing up, users can use the payment optimizer to pay the lowest possible amount of interest on loans and shorten the repayment period. There’s also a feature called DocSpot, which saves all of your important documents in one place, along with a section that records all of your counselor chats called LoanRecords.
The service is currently being rolled out to over 200,000 students with the platform accounting for over $3 billion in student loans. In the near future, LoanLook will launch mobile apps to keep students organized on the go.
For now, the service is free to the user, and LoanLook generates revenue through partnerships with colleges.
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