Case Study: Student Loan Authority cuts loan approvals from 10 days to hours and saves $90K/year with OneSpan e-signatures

Student Loan Authority Offers E-Signatures, Achieves Immediate 99% Adoption

Student Loan Authority, which manages a $350 million supplemental student loan program approving about 28,000 applications a year, faced high abandonment and long delays because borrowers had to print, sign and mail 14‑page applications. Competitors offering e‑signatures made the paper process a competitive liability, causing two‑week approval times, staff overtime, lost business and significant courier, storage and temp staffing costs. To address this, the Student Loan Authority selected OneSpan—deploying OneSpan Sign for browser‑based e‑signing and OneSpan E‑Vault Manager for long‑term, legally enforceable storage.

OneSpan’s combined e‑signature and e‑vault solution kept the loan process electronic end‑to‑end, enabling real‑time credit approvals and secure archival of promissory notes. The result was immediate ~99% e‑signature adoption, approvals in minutes (instead of weeks), elimination of overtime and temps, resolved missing‑signature and misplaced‑file issues, and about $90,000/year in cost savings — while boosting employee and customer satisfaction; OneSpan enabled the Student Loan Authority to scale e‑signing across additional loan products.