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Collaboration with Payitoff provides access to guidance on federal repayment plans

This month, more than 40 million Americans will be asked to do something many haven’t done in more than three years: make federal student loan payments as the COVID-19 forbearance program ends. For most borrowers, it’s not as easy as pressing one button to pick up where they left off. In fact, nearly half will be paying a new servicer.  

To help some borrowers potentially save time and money, U.S. Bank is collaborating with Payitoff, a leading provider of consumer debt guidance tools. With Payitoff, borrowers can quickly locate their student loan servicer, view the balance and terms of their loans, and view optimized guidance on federal repayment plan options that meet their qualifications and budget. Through optimized payment plans generated by Payitoff, borrowers can potentially save thousands of dollars over the life of their loan. 

“We’re hearing from clients that they need help understanding not only their options for repayment, but simply where to start in the process,” said Jennifer Miller, head of strategic alliances and campus banking at U.S. Bank. “We moved quickly to identify tools that can help existing and potential clients navigate the process and save them time and money.”

How It Works

To get started, student loan borrowers can search for and connect their student loan accounts on the Payitoff platform. They’ll then answer prompts about income and household information, and in turn receive automated, personalized guidance that may save money during repayment. Some of these steps may include checking eligibility for and enrolling in a federal Income-Driven Repayment Plan for federal student loans, including the recently launched Saving on A Valuable Education (SAVE) plan. 

If an optimized repayment option is selected, Payitoff will handle applications to federal repayment programs and keep borrowers updated on the status. Borrowers can then set up bill pay to stay on track with their payment schedule, all in a simple and secure experience.

“What would take hours manually, can now be done in just minutes,” said Miller. “And if a client needs help with next steps financially, they can connect with a banker over the phone, over video or in a branch.”

Earlier this year, U.S. Bank began educating consumers about how to prepare and budget for the resumption of student loan payments with educational content on Financial IQ, the company’s financial literacy and education resource site. 

To learn more about Payitoff and to receive guidance on optimizing student loan payments, visit U.S. Bank Payitoff