If you're one of the 43 million Americans facing college debt, here are quick ways to use tech for effective student loan repayment.
Student loan debt has surged by 66% over the last decade, reaching over $1.77 trillion in 2023, according to the Federal Reserve. If you’re part of this statistic, tech can help you pay off your loans faster.
TuitionFit
Cost: Free
Available for: Web
To compare tuition costs, check out TuitionFit. Joe Messinger, CFP and CEO of College Aid Pro, describes it as “the Kelley Blue Book for college.” TuitionFit analyzes thousands of financial aid offers from previous users to reveal schools that fit your budget.
In your senior year of high school, share one of your financial aid offers to see what similar students received. As you approach your college decision, this tool will help you identify competitive offers and leverage them for negotiations.
Changed
Cost: $4 per month for an annual plan
Available for: iOS, Android
The Changed app simplifies student loan repayment by linking to your credit and debit cards. It rounds up your purchases to the nearest dollar, sending the extra change directly to your lender. For instance, if your coffee costs $3.40, the extra $0.60 goes straight to your loan. You’ll reduce your debt effortlessly.
YNAB (You Need A Budget)
Cost: Free
Available for: iOS, Android, Web
Budgeting is crucial for managing student debt, and You Need A Budget (YNAB) helps track your spending. YNAB also offers a “loan planner” tool to visualize interest savings when you make extra payments.
College Raptor
Cost: Free
Available for: Web
To avoid excessive student debt, choose an affordable college. College Raptor provides side-by-side comparisons of estimated financial aid packages and tools to find a school that aligns with your academic and financial goals.
Undebt.it
Cost: Free (upgraded plans available)
Available for: Web
Undebt.it is a free tool that shows how quickly you can eliminate loans using various strategies. Enter your details to see potential pay-off dates based on different methods and how much interest you can save by paying off loans early. Upgrading to Undebt.it+ offers features like text reminders and YNAB integration.
