LoanBuddy empowers Certified Financial Planners with tools to generate reports that make the student loan planning portion of a client plan, simple. Our technology enables a CFP to save precious time during the initial client meetings and calculating student loan projections.
The LoanBuddy repayment calculator is a feature our growing community of CFP users love and have uploaded $50,000,000 of client student debt into LoanBuddy. In fact, one of our first users Tim Baker who works with Pharmacists, uploaded $6,000,000 himself and we recently featured him on our twitter page. And LoanBuddy user Galen Herbst de Cortina just announced $4.5 Million of client debt on his personal twitter page as well.
For those that are unfamiliar with the LoanBuddy dashboard it is packed with widgets that deliver a snapshot of vital information regarding your client debt. And the calculator now includes a PSLF toggle, 501c3 organization verification, family planning drop-downs, tax filing strategy graphs, income pro forma and private debt inputs.
This enhancement has been built on top of technology that was originally developed to provide a quicker more effective way of delivering the National Student Loan Data System (NSLDS file) information into a PDF report suitable for a client plan. LoanBuddy was the first to market technology of this kind to advisors for quick, accurate analysis of a client’s student loans based off the NSLDS file.
“LoanBuddy, was also a former finalist in the 2017 XYPN FinTech competition (with a solution aimed at expediting the data collection process for student loans), but has now debuted a full student loan repayment tool for advisors, along with an entire platform to help advisors manage client student loans… focused not necessarily on building an advisors “assets under advisement,” but instead aiding in (and actually tracking on its advisor dashboard) the advisor’s “Student Loan Debt Under Advisement” instead!”
For CFPs who would like to begin utilizing our software just login to LoanBuddy with a few clicks and you can run unlimited NSLDS reports/simulations for $60 a month. Cancel anytime, as our subscriptions are month to month. With the time LoanBuddy saves you and our technology saves your clients, LoanBuddy pays for itself as well as your client fees. We also think that student debt is a great initial conversation to have with a client using LoanBuddy.
We built LoanBuddy for the basic reason of helping make these complex calculations automatic and look for more exciting features to come in the near future!