From the Wires
Harrison College partners with Loanlook, Inc. to provide loan transparency website to students
By: PR Newswire
Nov. 29, 2012 02:31 PM
INDIANAPOLIS, Nov. 29, 2012 /PRNewswire/ -- Harrison College (www.harrison.edu), a higher education institution serving more than 5,000 students at 14 campuses in Indiana, Ohio, North Carolina and online, announced today the adoption of a website that empowers its students to better manage both their federal and private education loans. The website, www.loanlook.com, is provided by Loanlook, Inc., a subsidiary of Ceannate Corp.
Harrison is providing the Loanlook™ service at no cost to more than 5,000 enrolled students as well as recent grads and new enrollees. The self-service portal represents a proactive step towards creating total transparency in the student loan borrowing and repayment process.
"At Harrison College, we've implemented a Tuition Freeze program and even reduced tuition by 10% in certain programs in an effort to help minimize student debt," Robert Herzog, Harrison College Chief Financial Officer, said. "And now, with Loanlook, our students will have a one-stop shop for reviewing and managing their debt. We're open to doing everything we can as an educational institution to help prevent our students from defaulting on loans." At 14.1% for three year loans, Harrison College has one of the lowest default rates nationally among private sector colleges.
In addition to a refreshable dashboard that delivers up-to-date loan profiles, loanlook.com users have access to payment optimization, income-based repayment, and consolidation calculators. The site also offers a monthly budgeting tool and cloud storage for important documentation such as Master Promissory Note and lender/servicer correspondence. For borrowers requiring additional support, the site provides access to live loan counseling via online chat and toll-free number.
The Loanlook™ service is also available as a mobile app for both iOS (via Apple's App Store) and Android OS (via the Google Play market).
The adoption of Loanlook™ represents a logical escalation of the partnership between Harrison and Ceannate Corp. Harrison currently employs the services of The i3 Group, an affiliate to Loanlook, Inc. that specializes in student-borrower outreach for the purposes of delinquency prevention and default aversion.
Loanlook.com uses bank-level security to safeguard student information. The site actively monitors compliance with, and conducts annual security assessments against, all applicable information security standards including the: Federal Information Security Management Act (FISMA); National Institute of Standards and Technology SP 800-53 (NIST); Payment Card Industry Data Security Standards (PCI-DSS); Statement on Standards for Attestation Engagements No. 16 (SSAE 16); and the Family Educational Rights and Privacy Act (FERPA)
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