The Institute of Student Loan Advisors Introduces Sloan, the First Free Student Loan Chatbot that Helps Borrowers Manage Their Student Loan Debt
The Institute of Student Loan Advisors (TISLA), the nonprofit dedicated to giving consumers fair, free student loan advice and dispute resolution, to introduce Sloan, the first artificial intelligence driven chatbot that helps borrowers manage their student loans.
Results from a survey conducted by TISLA in December of 2017 show that over 40% of all student loan borrowers go to social media for student loan advice and research. Sloan reaches this population by being accessible via Facebook’s Messenger app. Sloan can guide users with questions on topics such as Public Service Loan Forgiveness, choosing a repayment plan, the pros and cons of loan consolidation and how to resolve a past due or defaulted loan.
Today, nearly 45 million Americans hold $1.4 trillion in student loans and the average student borrower leaves college with a debt load of more than $30,000. Education debt affects multiple generations, often holding borrowers back from starting businesses and families, buying homes, or saving for retirement or their children’s education.
“Consumers are increasingly turning to social media for student loan advice,” said Betsy Mayotte, President and Founder of TISLA. “Sloan enables these borrowers to receive immediate and accurate guidance and feedback anytime, and from anywhere.”
To further ensure transparency, the code for Sloan is open sourced. “Open source was an important component in creating Sloan, “said David Awad, Sloan’s developer. “Doing so is another way to show our users that we respect their privacy when they ask for our help.”
Student loan borrowers can utilize Sloan by finding The Institute of Student Loan Advisors page on Facebook, and typing a greeting or their question in the Facebook Messenger application. Sloan utilizes artificial intelligence to respond to user’s student loan questions with information taken directly from the TISLA website, ensuring that the answers provided are accurate and neutral. Users who need additional information will be directed to contact TISLA directly or go to the website, www.freestudentloanadvice.org.
TISLA does not require registration or fees to access its consumer services. Contact Betsy Mayotte at firstname.lastname@example.org for more information about Sloan or TISLA.