How might we give borrowers without cosigners optionality in refinancing their student loans?
We still want users to save money on their student loans, even if it isn't with us. By surfacing Credible to cosigned users, we can give them prequalified offers from up to 10 other lenders with the same information that they supplied to us for a quote.
MVP
There was urgency from stakeholders to get Credible live ASAP. So, I recreated our cosign solicit page in Webflow (no-code!) with a new block that referred users to Credible. We temporarily routed users to this page while we built out the more robust functionality.
We measured credible referral link clicks to get an initial sense of opt-in, and to help set goal expectations for the API integration.
Launch
We designed an opt-in into our soft credit pull experience which gives users the option to check their rates with Credible while checking rates with us.
Credible requires a users full higher education history in order, but CommonBond only needs a husers highest degree.
To deal with this we had to create an additional eligibility page that captured undergraduate details from any cosign solicited user with a graduate degree.
Once all required data points are captured, a user is routed to one of three possible cosign solicit experiences, based upon the status we get back from Credible's API.
How might we find additional opportunities to surface Credible without risking cannibalization?
While we made the decision that users that qualify for refinance offers from CommonBond shouldn't see credible offers, because that could harm our business goals.
We did discover other user groups that would be a great fit for Credible.
Typically borrowers that don't meet our lending eligibility criteria are instantly declined, with no option to move forward.
So we added Credible referrals to decline modals to help users find external refinance opportunities.
