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Pay for Ed website

Student Loan Advice Solution Overhauled, Plans App

A finalist at XY Planning Network’s 2016 fintech competition, Pay For ED is improving its advisor offering.

Student loan repayment planning software provider Pay For ED announced an upgrade to its advisor servicing option, the company announced today. Advisors can now access a bundle of licenses for clients across all three of the firm’s solutions software: College Cost Analyzer, In School Payer and Student Loan Repayer.

The suite of tools has the potential to help millions of Americans plan and pay for college costs, filling the gaps between the advice provided by tax advisors, private lenders and student loan repayment servicers, said founder and CEO Fred Amrein. Advisors can use tools across a range of client segments, from clients anticipating college costs to fresh grads or newlywed clients who are managing their student loan repayments. The tool is also available directly to consumers.

Although not currently integrated in any advisor platform, Amrein confirmed the company has been approached by several firms interested in the engine powering the tools. The Student Loan Repayment factors in 126 repayment combinations, providing more sophistication and advice opportunities than a simplistic refinance recommendation, said Amrein.

The company is planning a mobile solution expected to launch in December. It will serve as an addition to the desktop tool, and can be used for prospecting, Amrein said.

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