Finology Software, based in Boise, Idaho, a platform for student loan repayment planning, has expanded its web based application for financial advisors to now connect with borrowers on a new website. In this update, borrowers can filter and select an advisor to meet with at no cost. This enhancement also introduces new solutions for Higher Education and wealth management firms. As part of the go-live FinologySoftware.com points to Finology.Tech, continuing its year long private beta. Learn more about the specific updates below:
As October approaches and borrowers prepare to resume student loan payments, the impact of student debt becomes a critical concern for current students, parents and alumni. At this juncture, innovative technology plays a pivotal role in shaping decisions regarding student loan debt, and individuals seeking in-depth insights can source a new financial advisor without charge.
At Finology Software, we take immense pride in spearheading this dynamic journey for student debt repayment. Initially tailored exclusively for advisors, the Finology Software platform has evolved into a sophisticated platform, seamlessly connecting borrowers to a new pool of advisors. And further expanded to introduce cutting-edge solutions to higher education institutions helping students, alumni and parents navigate this financial landscape with the culmination of administrative forbearance.
Over the past year, Finology Software has dedicated itself to advancing its student loan management tools. In the fast-paced environment of 2023, where repayment plan changes and forgiveness policies are constantly evolving, Finology Software consistently deployed enhancements, during its private beta, to align with the latest guidelines from the Department of Education. Our commitment to staying current is unwavering, as evidenced by our debut at WealthStack in May, where we launched our solution to showcase the latest achievements with broad-ranging tech for federal student loan IDR plans. This transformation has received high praise and strong demand from colleges, making it indispensable for managing student debt information moving forward and providing additional services for repayment planning.
Finology Software incorporates information from the National Student Loan Data System (NSLDS) to provide user-friendly functionality for repayment planning in a single platform. Executing on our mission to empower organizations with web based tools capable of advanced planning, typically student debt is the largest and most impactful part of someone’s financial plan before accumulating assets. The intuitive dashboard automatically generates analytics from the NSLDS file, presenting balance information, loan types (subsidized and unsubsidized), and weighted average interest rate. It makes everything within the NSLDS accessible, including a user-friendly and easily viewable loan history. With the guidance of an advisor or financial aid representative, borrowers can access a comprehensive report of their loan options and obligations that paves the way to a more secure financial future.
A Core Solution for Financial Advisors:
At the heart of Finology Software, our flagship product specifically designed to cater to the needs of financial advisors and their clients with debt. Until now, typically only a limited number of advisors nationwide have attempted to incorporate this type of capability into their firm. However, this fall an increasing number of new advisors will be seeking a cost-effective tool to implement and help their new and prospective clients over the next decade.
The Finology Software SaaS platform for Advisors streamlines the onboarding process for client loan data, enabling Certified Financial Planners (CFPs) to effortlessly manage and analyze their clients’ student loans. With automated analytics and loan repayment simulation simulation capabilities, advisors can create comprehensive federal income-driven repayment (IDR) plans tailored to their clients’ unique financial situations. Additionally, tracking progress towards specialized programs such as Public Service Loan Forgiveness (PSLF) has never been easier, ensuring that advisors can offer top-notch advice and support to their clients throughout their student loan lifecycle. Understanding the implications of this becomes crucial for financial advisors who work with teachers, first responders, nurses, doctors, and non-profit workers.
In part of the latest update to the application, the SAVE plan is now available within the calculator, ensuring that the latest scenario is offered. The recently announced SAVE plan, replaces REPAYE, and will be effective from July 1, 2024.
Advisors looking to become the go-to resource for college and student loan planning should consider obtaining a CCFC designation (Certified College Financial Consultant). Finology Software proudly serves as a strategic partner to AICCFC and to learn more visit AICCFC.org
Empowering Borrowers to Find An Advisor that understands their needs:
As part of our steadfast commitment to helping borrowers take control of their financial futures, we are delighted to introduce a new free online methodology to select an advisor on finology.tech. This capability is specifically designed to help individuals identify up to three financial advisors to establish contact with regarding their student loans and select one that suits their needs. Onboarding their loan details is a simple process with user-friendly features and personalized insights, allowing borrowers to gain a comprehensive understanding of their repayment options through the advisors on the Finology.tech website. These knowledgeable advisors can then help newly met clients create different scenarios for student loan repayment and enabling them to make informed decisions about their financial future. With millions asking themselves the question, “what should I do?” knowledgeable advisors using the Finology Software platform are ready to step up to provide invaluable guidance.
This functionality is a groundbreaking lead generation tool for advisors that are eager to grow their client base in the short term, especially in specific occupations and niche markets. Advisors can be filtered based on their states of licensure, designations, method of compensation or their client niche among the list of occupations.
Beyond Student Loan Debt: Optimizing Fixed Interest Rate Loans
Finology Software evolves into a comprehensive look into all client liabilities and offers optimization insights for fixed interest rate loans, including private student loans, mortgages, car payments, or personal loans. This capability represents a game-changer for firms looking outside of budgeting or asset centric tools to deliver services at the onset of their clients’ asset growth journey.
Finology Software is well positioned to be part of an advisor’s technology stack and bring loan repayment planning into their firms. For too long resources have primarily been focused on building technology and middleware designed for retirement planning and an entire upcoming generation will potentially be without substantial assets at the end of their working careers. The advisors on the Finology Software platform have begun to enjoy a powerful and easy-to-use solution that focuses on nurturing a prospective client pool to elevate client understanding of their debt obligations and in turn accelerate the growth of their assets. Advisors who adopt a scalable lead generation and debt platform will play a crucial role in the coming decade. — Alex Bottom Founder of Finology Software
Supporting Higher Education Institutions with ROI on Default Prevention:
Recognizing the unmet demand at financial aid departments in shaping the financial well-being of their students and alumni. Finology Software has developed a groundbreaking product that expands on the NSLDS with a sophisticated and intuitive dashboard to assist colleges in maximizing their students’ success with their student debt. Through enhanced exit counseling for students, crucial information about loan repayment options and financial literacy is provided. By empowering students with better financial knowledge, colleges can help reduce default rates and enhance their return on investment (ROI) in supporting students throughout their educational journey and beyond.
“Finology Software pioneers a transformative approach for higher education financial aid departments, revolutionizing the way technology can simplify and showcase simulations of potential student loan repayment for upcoming graduates. Our cutting-edge dashboard, leveraging the power of NSLDS data, empowers colleges to optimize student success in debt management through enhanced exit counseling and improved financial literacy. By offering additional services to include comprehensive loan repayment information, our platform equips colleges with the tools to reduce default rates and amplify their ROI in supporting students throughout their educational journey and beyond, illuminating a brighter financial future for generations to come.” — Alex Bottom, Founder of Finology Software
As a proud member of NASFAA, Finology Software exhibited this new technology at the National Conference in San Diego in July of 2023.
See how Finology Software can facilitate financial wellbeing here.
