First reaction is that we're assuming smart phone usage, but for very low-income borrowers that are likely to take on higher interest loans this might not be the case (might have pre-paid phone plans, etc). Is there maybe another delivery method?
Love the idea of the peer-to-peer feature addition.
I'm also currently an American MBA student and was required to go through loan counseling before taking out Federal student aid through myfedloan.org. The counseling was very detailed and clear about the amount borrowed, interest rates, repayment plans, etc. This might be a resource for you to use for further refinement.
Overall, great job. I think lots of people (not just low-income segment) need help with the fine print sometimes.